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Brent rebounds after Saudi Arabia sent it tumbling again
The news over the weekend that Saudi Arabia is set to flood the oil markets with even more output has sent oil prices tumbling in Asia overnight. July Brent crude had fallen to $59.30 on Thursday, before a rebound later that day and early on Friday took it back to $62.70. The fall on Friday took it back to below $61, before settling $0.84 lower on the NYMEX exchange, at $61.29. OPEC+ met on Saturday and Saudi Arabia confirmed its agreement for a further 411k BPD (Barrels Per Day) output increase from June 2. This is not what the oil markets were expecting and it has sent prices tumbling this morning. Earlier Brent opened in Asia at $59.95 and then fell to $58.50, as that OPEC+ news sent the market reeling. That means it has came close to the noted Trump inspired low at exactly $58. It has bounced from that low now though and is currently trading at $59.73
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