Oil rose towards $65 barrel on Thursday, supported by Saudi Arabia’s comment that it would rather see an undersupplied market than end an OPEC-led deal to withhold production too soon, and by a weak U.S. dollar.
Saudi Energy Minister Khalid al-Falih said on Wednesday the Organization of the Petroleum Exporting Countries would do better to leave the market tight than end the deal on cutting output too early. Saudi Arabia is OPEC’s top producer.
Brent crude, the global benchmark, rose 32 cents to$64.68 as of 0943 GMT, extending the previous session’s gain of $1.64. U.S. crude was up 58 cents at $61.18.
“Khalid al-Falih gave his strongest hint yet that exiting the current supply agreement is unlikely to be on the agenda this year,” said Tamas Varga of oil broker PVM. Read More…