Oil prices edge higher as Saudi reassurances stem declines

The world’s 12 biggest investment banks earned a combined $2.5bln from power, natural gas and metals last year
LONDON- Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week’s heavy losses as deepening U.S. trade wars fanned fears of a global economic slowdown.
Saudi, the de-facto leader of the Organization of the Petroleum Exporting Countries, indicated that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus.
“We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels,” the Saudi-owned Arab News newspaper cited the kingdom’s Energy Minister Khalid al-Falih as saying. 

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