Crude oil prices made a tepid recovery in Asia trade Tuesday thanks to bargain-hunting after Saudi Arabia signaled it was willing to work with other major oil producers to stabilize the market but concerns of a worsening global glut capped gains.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF6, +1.13% traded at $42.06 a barrel, up $0.31 in the Globex electronic session. January Brent crude LCOF6, +1.05% on London’s ICE Futures exchange rose $0.29 to $45.12 a barrel.
On Monday, Saudi Arabia’s official news agency quoted the Cabinet in a statement as saying it was ready to work with the members and nonmembers of the Organization of the Petroleum Exporting Countries to maintain the stability of the market.
