Saudi Arabia’s new Crown Prince Mohammed bin Salman may now be heir to the throne in the world’s biggest crude exporter, but the oil market has generally been bearish since he rose to power. He was a leading voice when OPEC maintained its pump-at-will oil-production policy, a measure that helped prices to slump to a 12-year low as the market stayed oversupplied. A reversal in that output policy in favor of cuts late last year -- also led by Saudi Arabia - only helped revive prices temporarily: on Tuesday, West Texas Intermediate crude fell into a bear market, while Brent is close to doing so.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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