Saudis seek to stabilize oil market, WTI bid

After Saudi Arabia denied a report that it was discussing an increase in oil supply with OPEC and its allies, there are now reports that they will promise additional measures to ensure oil market stability.

Saudi and Iraqi energy ministers have been reported saying that there is an importance of working within the OPEC+ framework. as a consequence, oil rose in early trade on Friday despite the worries about Chinese demand and expectations due to the increase of covid in the nation: China's Covid infections hit record as economic outlook darkens.

WTI remains below key H1 trendline

US West Texas Intermediate (WTI) crude is higher by some 0.45% having rallied from a low of $77.75 and reaching a high of $78.41 so far in trade on Friday.