Oil rises as Saudi Arabia signals OPEC cuts to continue under new energy minister
September 09, 2019,04:28
- In the US, drilling companies cut the number of operating oil rigs for a third week in a row last week
TOKYO: Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new energy minister Prince Abdulaziz bin Salman.
Prices climbed for a fourth day and were also supported by comments from the United Arab Emirates’ energy minister that OPEC and its allies are committed to balancing the crude market.
Global benchmark Brent was up 53 cents, or 0.9 percent, at $62.07 a barrel by 0425 GMT, while US West Texas Intermediate was 57 cents, or 1 percent, higher at $57.09 a barrel.