Oil rises as Saudis said to be content with prices over $80

Oil rises as Saudis said to be content with prices over $80

Oil rose as Saudi Arabia was said to be comfortable with Brent crude exceeding $80 a barrel.

Futures in London added as much as 1.7%. The world's biggest crude exporter is content to see the global benchmark advance, at least in the short term, as markets adjust to the impact of US sanctions on Iranian supply, according to people familiar with the kingdom's view. Iranian oil exports have already plunged to a 2 1/2-year low, tanker-tracking data show.

Brent for November settlement rose as much as $1.32 to $79.37 on the ICE Futures Europe exchange, and traded at $79.05 at 1:15 pm in London. The contract fell 4 cents on Monday. The global benchmark crude traded at a $9.51 premium to West Texas Intermediate for the same month, the Business Times reported.

WTI for October delivery gained as much as $1.04 to $69.95 a barrel on the New York Mercantile Exchange, following Monday's 8-cent decline. Total volume traded was about 12% above the 100-day average.

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