Crude oil prices were lower Tuesday morning as Saudi Arabia stubbornly vowed to keep producing oil at a breakneck pace despite mounting global inventories.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June were at $56.30 a barrel, down $0.69 or 1.1 percent.
Saudi Arabia again showed its willingness to keep prices low in a bid to hurt its non-OPEC competition.
“Saudi Arabia is interested in maintaining its share in the market and interested in keeping its customers,” oil minister Prince Abdulaziz bin Salman told Bloomberg. “We will supply any demand for Saudi oil, as we are interested in the stability of the market. Stability includes price, supply and demand stability.”
Meanwhile, traders are waiting on the latest interest rate decision from the Federal Reserve on Wednesday.
If the Fed signals a rate hike is coming this summer, the dollar is expected to rise, weighing on crude oil and other commodities.
The material has been provided by InstaForex Company – www.instaforex.com