NEW YORK: Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of Opec+ output cuts to support prices and with the prospect of a drop in US crude inventories.

The Saudi energy minister said Opec+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg.

Global benchmark Brent crude gained $3.41, or 3.5pc, to $99.88 a barrel by 10:53 a.m. EDT (1453 GMT). US West Texas Intermediate crude rose $3.74, or 4.1pc, to $94.10.

Published in Dawn, August 24th, 2022