Oil prices rise amid statements by new Saudi Energy Minister

World oil prices, having reached a six-week high, continue to grow: the market is stimulated by the statements of the new Minister of Energy of Saudi Arabia.

This was reported on Investing.com.

“Oil prices today continue to rise amid optimistic statements by the new Saudi Minister of Energy. Prince Abdel Aziz bin Salman Al Saud was suddenly appointed to this post on the night of Saturday to Sunday, and on Monday already spoke at the World Energy Congress in Abu Dhabi instead of his predecessor Khalid al-Falih. The new head of the Ministry of Energy reaffirmed his commitment to the former Saudi oil policy and said that there would be no radical changes, ”the statement said.

November futures for Brent crude on the London ICE Futures exchange went up by 0.23 dollars (0.37%) – up to 62.82 dollars per barrel; On September 9, their price rose by 1.05 dollars (1.71%), amounting to 62.59 dollars per barrel at the close.

October WTI crude oil futures for electronic trading on the New York Mercantile Exchange (NYMEX) rose 0.27 dollars (0.47%) to 58.12 dollars per barrel. According to the results of the previous session, their price rose by 1.33 dollars (2.35%), closing at around 57.85 dollars per barrel.

On Monday, both varieties completed trading at the highest levels since July 31, according to Dow Jones Market Data.

The price of oil contracts for the coming month on the Shanghai International Energy Exchange (INE) today has not changed much – 450.7 yuan per barrel.

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According to AxiTrader analysts, there is hope for an extension of the OPEC + agreement on restrictions on oil production, as the trade war between the US and China continues. In addition, the Saudi government, in particular, needs higher oil prices in order to increase the market value of the state-owned oil company Saudi Aramco before the planned IPO. A meeting of the OPEC + Ministerial Committee will be held on Thursday September 12 in Abu Dhabi.

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