Oil rose to multi-week highs on Monday after Opec indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East. Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.
US West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The US benchmark reached $63.81 earlier, the highest since May 1. Saudi energy minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (Opec) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market.”
United Arab Emirates (UAE) energy minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not “the right decision.” Read More