Oil prices rebounded on Thursday

International benchmarks for oil prices flipped higher on Thursday (11 August) as concern over supply glut eased after Saudi’s energy minister said the country would take any possible action to stabilize the oil market. However, analysts commented that this is completely at odds with the country’s production data in July and warned of persistent downward pressure in the coming month as data show signs of slowing demand around the world.

WTI closed at $43.49/barrel (+$1.78) September delivery.

Brent closed at $46.04/barrel (+$1.99) September delivery.