Oil Extends Gains as New Saudi Minister Signals Cuts to Continue

Tuesday, 10 September 2019 08:02 WIB

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Oil extended gains from the highest level in almost six weeks as Saudi Arabia's new energy minister signaled his commitment to production cuts ahead of an OPEC+ meeting later this week.

Futures rose for a fifth day in New York after advancing 2.4% on Monday. Prince Abdulaziz bin Salman, appointed at the weekend after the dismissal of Khalid Al-Falih, said there won't be any radical change in the kingdom's oil policy. Key members from the Organization of Petroleum Exporting Countries and its allies meet Thursday in Abu Dhabi to discuss their production pact.

West Texas Intermediate oil for October delivery added 46 cents, or 0.8%, to $58.31 a barrel on the New York Mercantile Exchange as of 8:43 a.m. in Singapore. The contract increased $1.33 to $57.85 on Monday, the highest close since July 31.

Brent for November settlement rose 45 cents, or 0.7%, to $63.04 a barrel on the ICE Futures Europe Exchange, climbing for a fifth day. The global benchmark oil traded at a $4.84 premium to WTI for the same month.

Source : Bloomberg