Oil rises as Saudi says it is comfortable with higher prices

18/09/2018 14:27

Oil rises as Saudi says it is comfortable with higher prices


Oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria.

Brent crude LCOc1 futures were up $1.03 a barrel to $79.09 a barrel at 0923 GMT, after hitting $79.32.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 90 cents at $69.80 per barrel, after rising over $1 to $69.95 a barrel.

“Oil prices have gone up after Saudi Arabia said it was comfortable with Brent oil above $80 a barrel,” Olivier Jakob of Petromatrix consultancy said.

However, the market was tempered by an escalation in the China-U.S. trade war that has clouded the outlook for crude demand from the world’s top oil consumers.

 


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