Oil gets boost as new Saudi minister commits to output cuts - Reuters:
Oil prices rose on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that there would be no radical change in his country’s oil policy.
Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, replaced Khalid al-Falih on Sunday.
Global benchmark Brent LCOc1 crude futures were up 69 cents at $62.23 a barrel by 1343 GMT, while U.S. West Texas Intermediate CLc1 gained 95 cents to $57.47.
Speaking on Monday, Prince Abdulaziz said the pillars of Saudi Arabia’s policy would not change and that a global deal to cut oil production by 1.2 million barrels per day would survive.
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