Oil Trades Near $42 as Saudi Arabia Says It's Ready to Cooperate
- Kingdom ready to work with OPEC, non-OPEC to stabilize market
- Statement doesn't reflect shift in Saudi policy, Barclays says
How Shale Oil Is Disrupting OPEC
This article is for subscribers only.
Oil traded near $42 a barrel in New York on Saudi Arabia’s repeated pledge to work with OPEC and other producers to stabilize global crude markets.
Futures rebounded from a 3.6 percent drop after the report by the Saudi Press Agency. Barclays Plc said this doesn’t reflect any policy shift by the kingdom, the biggest member of the Organization of Petroleum Exporting Countries, which will meet Dec. 4. Saudi oil minister Ali al-Naimi made similar comments last week. Speculator short positions ended Nov. 17 at the highest in almost three months, U.S. Commodity Futures Trading Commission data show.