White House postpones Biden trip to Saudi Arabia

There was plenty of good feeling last week when OPEC boosted its oil output (by a drop in the bucket). US President Biden was reported as headling to Saudi Arabia to meet with the Crown Prince.

Later in the US though we had this:

  • resident Joe Biden’s planned visits to Saudi Arabia and Israel later this month have been postponed until July, several officials told NBC News on Friday.
  • The White House is now planning a broader trip to the Middle East next month, sources said.

Oil has been headling higher, it keeps finding reasons to do so (and the trend is your friend, right?). Earlier hourly hcart:

oil cl 06 June 2022

Oil – Saudi price rises, oil trading higher

Reuters have popped up an week-opener also, citing the rise for futures on the hike in prices from Saudi Arabia over the weekend. ICYMI:

Reuters add:

  • Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.

Yep. I described the hike in output last week as a ‘drop in the bucket’.

CL update:

cl oil 06 June 2022
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