Oil rises as Saudi Arabia signals OPEC cuts to continue under new energy minister
Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia’s OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world’s biggest crude exporter over the weekend.
Prices were heading for a fourth day of gains and were also supported by comments from United Arab Emirates energy minister saying that the OPEC and its allies are committed to balancing the crude market.
Global benchmark Brent was up 7 cents at $61.61 a barrel by 0106 GMT, while US West Texas Intermediate was 20 cents, or 0.3 per cent, higher at $56.72 a barrel.
“There is no shift in Saudi oil and OPEC policy. Prince Abdulaziz will work on strengthening cooperation among OPEC and non-OPEC,” a Saudi official said on Sunday.
