Oil Hits Near 6-Week Highs on New Saudi Oil Minister Appointment
Tuesday, 10 September 2019 03:38 WIB | ENERGY |MinyakWTIBrentMinyak MentahOil,Crude Oil

The oil rally has got an unexpected shot in the arm from Saudi Arabia's surprise replacement of its oil minister.

Crude prices jumped about 2% Monday after Saudi King Salman appointed one of his own sons, Prince Abdulaziz bin Salman, to take over from Khalid al-Falih to run the most important ministry in the country that leads OPEC. Known as ABS by his initials, Abdulaziz is a long-time Saudi delegate to OPEC and brother to Mohamad bin Salman, or MBS, another of King Salman™s sons and arguably the most powerful man in Saudi Arabia after the monarch.

New York-traded West Texas Intermediate crude, the U.S. benchmark blend, settled up $1.33, or 2.4%, at $57.85 per barrel. Last week, WTI rose 2.6%, its biggest weekly advance since July.

London-traded Brent crude, the international benchmark blend, extended its perch further above the key $60 level, rising $1.05, or 1.7%, to $62.59.

Source : Investing.com

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