Oil prices rise on Saudi Arabia comments
Oil prices climbed today, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018.
Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents (0.4%) from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014.
WTI crude futures were at $63.61 a barrel, up 24 cents (0.4%) from their last settlement. WTI climbed to $64.89 on Jan. 16, also its highest since December 2014, Reuters reported.
Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday major oil producers were in agreement they should continue cooperating on production after their deal on supply cuts expires this year.
Strong global economic growth and a drop in US drilling activity also supported crude, traders said.
US drillers cut five oil rigs in the week to Jan. 19, bringing the count down to 747, energy services firm Baker Hughes said on Friday.