Saudi Arabia increased budget spending sharply for many years until the oil bull run ended in 2014. This led to a steep rise in the country's fiscal break-even oil price.
Even as the May contract US crude went for trade in low negative territory, the June contract saw trade in the normal range, rising $1.72 cents (8.4 percent), to $22.15 a barrel.
Brent crude futures fell by $14.25 on Monday to $31.02 a barrel, while US West Texas Intermediate (WTI) plunged $11.28 after the Saudi move to to $30 a barrel.
Analysts at Citigroup said in September that gold could hit $2,000 an ounce in the next two years. The current high $1,921.17 an ounce during the 2011-12 rally.
Cameras aboard the International Space Station captured new views of Hurricane Harvey as the storm rapidly intensified on Thursday afternoon, August 24.Harvey is expected to make landfall on the Texas coast on Friday, 25 August, or Saturday morning, 26 August.
Cameras aboard the International Space Station captured new views of Hurricane Harvey as the storm rapidly intensified on Thursday afternoon, August 24.Harvey is expected to make landfall on the Texas coast on Friday, 25 August, or Saturday morning, 26 August.
Cameras aboard the International Space Station captured new views of Hurricane Harvey as the storm rapidly intensified on Thursday afternoon, August 24.Harvey is expected to make landfall on the Texas coast on Friday, 25 August, or Saturday morning, 26 August.