Oil rises as Saudi signals OPEC cuts to continue under new minister - Reuters:
Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.
Prices climbed for a fourth day and were also supported by comments from the United Arab Emirates’ energy minister that OPEC and its allies are committed to balancing the crude market.
Global benchmark Brent LCOc1 was up 61 cents, or 1%, at $62.15 a barrel by 0649 GMT, while U.S. West Texas Intermediate CLc1 was up 65 cents, or 1.2%, at $57.17 a barrel.
Salman, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, was named minister on Sunday, replacing Khalid al-Falih. He is the son of Saudi King Salman. It is the first time the energy portfolio has been handed to a member of the royal family.
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