Oil extended gains after Saudi Arabia ousted its long-time energy minister before an OPEC+ committee that monitors compliance with output cuts meets this week in Abu Dhabi.
Futures rose for a fourth day in New York after climbing 2.6% last week. While Saudi King Salman dismissed Khalid Al-Falih and replaced him with one of his sons, the decision is unlikely to signal a change to the kingdom's oil policy, according to analysts and officials. A two-day meeting of the OPEC+ Joint Technical Committee starts Wednesday and United Arab Emirates energy minister said there is no recommendation to make deeper output cuts.
West Texas Intermediate oil for October delivery added 31 cents, or 0.6%, to $56.83 a barrel on the New York Mercantile Exchange as of 8:57 a.m. in Singapore. The contract climbed 22 cents to $56.52 on Friday.
Brent for November rose 19 cents, or 0.3%, to $61.73 a barrel on the ICE Futures Europe Exchange. The contract capped a fourth weekly gain on Friday. The global benchmark traded at a $5.01 premium to WTI for the same month.
Source : Bloomberg