Oil mixed on Saudi commitment to cut output, investor scepticism

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Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets about the outlook for crude prices.

 

U.S. West Texas Intermediate (WTI) crude oil futures were trading up 16 cents at $52.53 per barrel at 0136 GMT. 

Brent crude futures, the international benchmark for oil prices, however were down 9 cents at $55.77 a barrel.

 

Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia.

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