Oil rises as Saudi plans to keep OPEC cuts

The Korea Times - - WORLD BUSINESS -

TOKYO (Reuters) — Oil rose on Mon­day af­ter a Saudi of­fi­cial said there would be no change in Saudi Ara­bia’s OPEC pol­icy as Prince Ab­du­laziz bin Sal­man was made the new energy min­is­ter for the world’s biggest crude ex­porter over the week­end.

Prices were head­ing for a fourth day of gains and were also supported by com­ments from United Arab Emi­rates energy min­is­ter say­ing OPEC and its al­lies are com­mit­ted to bal­anc­ing the crude market.

Global benchmark Brent was up 7 cents at $61.61 a bar­rel by 0106 GMT, while U.S. West Texas In­ter­me­di­ate was 20 cents, or 0.3 per­cent, higher at $56.72 a bar­rel. “There is no shift in Saudi oil and OPEC pol­icy. Prince Ab­du­laziz will work on strength­en­ing co­op­er­a­tion among OPEC and non-OPEC,” a Saudi of­fi­cial said on Sun­day.

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