Oil futures rose Monday after Saudi Arabia’s new energy minister signaled a continued commitment to production curbs.
West Texas Intermediate crude for October delivery rose 30 cents, or 0.5%, to $56.82 a barrel, while November Brent crude the global benchmark, was up 22 cents, or 0.4%, to $61.66 a barrel.
Saudi Arabia’s King Salman on Sunday named one of his sons, Prince Abdulaziz bin Salman, as energy minister, replacing Khalid al-Falih, who had served as the kingdom’s top energy official since 2016. Speaking on Monday, Prince Abdulaziz said the framework of Saudi policy wouldn’t change and that an agreement between the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to curb production by 1.2 million barrels a day would continue “with the will of everybody,” Reuters reported, while declining to comment on oil prices.
Source : Marketwatch