Saudi Arabia’s warning that it won’t tolerate another oil price crash has affected the market more than expected, with crude prices rebounding a second day in a row on Friday, even after the Paris-based International Energy Agency slashed its reading for global oil demand growth.
New York-traded West Texas Intermediate crude settled up $1.96, or 3.7%, at $54.50 per barrel.
London-traded Brent crude, the benchmark for oil outside of the U.S., rose $1.10, or 1.9%, to $58.48.
WTI has leapt nearly 7% in two days of trading, while Brent has recovered almost 4%.
Source : Investing.com