Oil Gains After Monthly Saudi Output Unexpectedly Drops

Oil rose on Aug. 6 after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10% below its 2018 high of more than $80 a bbl.

Markets also anticipated an announcement from Washington later on August 6 on renewed U.S. sanctions against major oil exporter Iran. So-called “snapback” sanctions are due to be reinstated at 12:01 a.m. EDT on August 7, according to a U.S. Treasury official.