On Monday the Saudi Energy Minister reaffirmed support for the OPEC+ cuts which are to continue until the end of 2023 and noted that the bloc remains ready to intervene when necessary to balance supply and demand. US Crude completed a sizeable intraday reversal as a result of the comments after pacing towards a close below the prior (Sep) yearly low. However, rapidly rising Covid infections in major Chinese cities – which have now surpassed the country’s peak back in April this year – threatens to restrict movement in an attempt to reduce infections, weighing on future expectations of demand for the commodity. Price ... (full story)