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Oil Embarks on Third Straight Daily Rise

Oil prices rose for a third consecutive day on Wednesday after Saudi Arabia submitted a warning to traders thinking of short selling. The Saudis’ warning has given rise to expectations that OPEC+ could look to further reduce oil output in an effort to continue bolstering prices.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman told short-sellers to “watch out” in an announcement on Tuesday evening. This warning comes just a week before the Organization of Petroleum Countries and its allies are slated to meet to discuss their output policy for the second half of the year.

Reacting to the Saudi energy minister’s caution, Stephen Brennock, an analyst at PVM Oil Associates Ltd, claimed that Salman’s warning is now dictating market movements. Speaking of OPEC, Brennoc added: “The producer group might have another surprise cut up its sleeve.”

The Saudi minister’s announcement is also being credited with offsetting the effects of the deadlocked U.S. debt ceiling talks, which have had an influence on oil futures as well as broader financial markets in recent days. House Speaker Kevin McCarthy revealed late on Tuesday that Republicans and Democrats are yet to reach an agreement ahead of the June 1 deadline.

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