Oil rises as Saudi Arabia signals OPEC cuts to continue under new energy minister

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, Trendreports citing Reuters.

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 LCOc1 was up 7 cents at $61.61 a barrel by 0106 GMT, while U.S. West Texas Intermediate was 20 cents, or 0.3%, higher at $56.72 a barrel.