The oil rally has got an unexpected shot in the arm from Saudi Arabia's surprise replacement of its oil minister.
Crude prices jumped about 2% Monday after Saudi King Salman appointed one of his own sons, Prince Abdulaziz bin Salman, to take over from Khalid al-Falih to run the most important ministry in the country that leads OPEC. Known as ABS by his initials, Abdulaziz is a long-time Saudi delegate to OPEC and brother to Mohamad bin Salman, or MBS, another of King Salman’s sons and arguably the most powerful man in Saudi Arabia after the monarch.
New York-traded West Texas Intermediate crude, the U.S. benchmark blend, settled up $1.33, or 2.4%, at $57.85 per barrel. Last week, WTI rose 2.6%, its biggest weekly advance since July.
London-traded Brent crude, the international benchmark blend, extended its perch further above the key $60 level, rising $1.05, or 1.7%, to $62.59.
Source : Investing.com