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Fri Sep 13, 2019 11:53 am
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Oil jumps 2% supported by Falih's comments on prices
Economy News Baghdad:
Oil prices jumped more than 2 percent on Friday, extending from a five-month low this week, with signs that OPEC and other producers may extend their agreement to cut output.
By 0757 GMT, global crude futures for Brent crude were up $ 1.35 to $ 63.02 a barrel. West Texas Intermediate crude futures rose $ 1.10 to $ 53.69 a barrel.
Brent crude and West Texas crude are heading towards their strongest daily gain since late April.
Oil prices rose after Saudi Energy Minister Khalid al-Faleh told a sector conference in St Petersburg, Russia, that the price of $ 60 was too low to encourage investment in industry.
He added that he did not want to boost Saudi production to compensate for the drop in oil prices and that a return to the situation of price collapse in 2014-2015 is simply unacceptable.
The Opec + agreement, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) as well as other producers, including Russia, expires to cut output by 1.2 million bpd by the end of this month.
Russian President Vladimir Putin said on Thursday Russia had differences with OPEC over the fair price of oil but Moscow would make a joint decision with OPEC members at a meeting on production policy in the coming weeks.
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