Oil prices rise after Saudi remarks

BY  | FROM  | 2018-02-27 14:18

Oil prices climbed on Monday as Saudi Arabia promised that it would continue to curb production.

Saudi Energy Minister Khalid al-Falih said on Saturday that the country's crude production in January to March would be well below output caps, with exports averaging less than 7 million barrels per day, according to Reuters.

The market was also supported by data showing U.S. crude stockpiles fell more than expected earlier this month.

The West Texas Intermediate (WTI) for April delivery rose 0.36 U.S. dollar to settle at 63.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.19 dollar to close at 67.50 dollars a barrel on the London ICE Futures Exchange.

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