Oil rises 1% as Saudi's Falih stands firmly behind OPEC output cut


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Oil rises 1% as Saudi's Falih stands firmly behind OPEC output cut

On Monday, the 11th of March 2019, both UK and US crude price rose more than 1 percent, lifted by an upbeat comment from Saudi energy minister, Khalid al-Falih, who told on Sunday (March 10th) that an end to the current production cut policy of OPEC would likely to persist until June.

Following the comments of Saudi energy minister, the crude oil market across the globe remained riant for most part of Monday (March 11th) market, while Brent crude future closed the day 1 percent higher at $66.41 per barrel and the US West Texas Intermediate crude future surged by 1 percent to $56.63 a barrel.

Falih told the reporters on Sunday (March 10th) that it would have been too early to call off a production cut agreed by the Organization of Petroleum Exporting Nations over an OPEC gathering in Vienna on December 6th-7th.

“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” added Falih on Sunday (March 10th), which eventually had kicked off an upswing momentum for both US and Brent crudes on Monday (March 11th) and both of the crudes closed the day 1 percent higher as beforementioned.