Oil gets boost as new #Saudi minister commits to output cuts - Reuters

Oil gets boost as new Saudi minister commits to output cuts - Reuters:

Oil prices rose about 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country’s policy of limiting crude output to support prices.

Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih on Sunday.

“The weekend announcement of a change in leadership within the Saudi oil ministry was accompanied by strong suggestions that production restraint would continue until the market achieves a better balance,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Brent crude LCOc1 futures gained $1.05, or 1.7%, to settle at $62.59 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.33, or 2.4%, to settle at $57.85 a barrel.