Saudi Aramco maintains maximum output at 12 million barrels a day

  • Oil prices edge higher after Middle East conflict
  • China’s property sector and demand concerns weigh on crude prices
  • Potential intensification of fighting in the Middle East threatens crude flows
  • WTI crude consolidates between $78 and $80 before potential breakout
  • Saudi Aramco won’t boost production to 13 million barrels a day

Oil futures edged higher as worries about China’s property sector and demand concerns weighed on crude prices. Despite the pullback, the potential intensification of fighting in the Middle East threatens crude flows, keeping oil prices supported. WTI crude is consolidating between $78 and $80 before a potential breakout above $80. In other news, Saudi Aramco announced that it will not attempt to boost its maximum daily oil production to 13 million barrels a day, maintaining output at 12 million barrels a day.

Public Companies: Saudi Aramco (2222)
Private Companies:
Key People:

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Factuality Level: 7
Justification: The article provides information about the price moves of oil futures and the market drivers behind them. It also includes a quote from a senior analyst. However, the article lacks in-depth analysis and context, and there is no mention of the source of the information or any supporting evidence.

Noise Level: 3
Justification: The article provides some relevant information about oil futures and market drivers, but it lacks depth and analysis. It briefly mentions the escalation of Middle East tensions and the potential impact on crude flows, but does not explore the consequences or provide any actionable insights. The article also includes irrelevant information about China’s property sector and the drone attack in Jordan, which are not directly related to the topic of oil futures. Overall, the article contains some noise and filler content, but it does provide basic information about oil prices.

Financial Relevance: Yes
Financial Markets Impacted: Crude oil market

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the price movements of oil futures and mentions concerns about China’s economy and the demand outlook. However, there is no mention of any extreme event or its impact.

Reported publicly: www.marketwatch.com