Oil Holds Loss Below $67 on Saudi Crude Pledge and Risk Aversion
Oil held losses near the lowest level in more than two months as Saudi Arabia pledged to offset any supply shortfalls and as global investors shunned risk assets.
Futures in New York were little changed on Wednesday. Prices retreated about 4 percent on Tuesday following a tumble in American equities, which later pared losses. The Organization of Petroleum Exporting Countries and its allies are in a “produce as much as you can mode,” said Saudi Energy Minister Khalid Al-Falih. An industry report that points to rising U.S. crude inventories added to concerns over excessive supply.
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