Crude oil prices rose Tuesday amid reports that Saudi Arabia wants $70 oil. It was previously thought that +$60 oil would compel the Saudis to pump more oil in an effort to keep prices low.
They do not want to tempt the U.S. oil drillers to increase output, but $70 oil could work for everyone, according to media citing Saudi officials.
The U.S. is going to keep pumping it, a top Trump administration official said today.
“it means greater national security as we seize depending on unstable and yes sometimes even hostile sources, while we export energy to our friends abroad, freeing them from a similar dependence,” he said.
WTI light sweet crude oil was up 24 cents at $61.94 a barrel, taking back some recent losses.