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MCX CRUDE OIL TOP NEWS UPDATED BY SPIDERSIGNALS.COM


Oil rises as Saudi signals OPEC cuts to continue under new minister

Oil rose on Monday on expectations that Saudi Arabia, the world's largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.
Salman, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, was named minister on Sunday, replacing Khalid al-Falih. He is the son of Saudi King Salman. It is the first time the energy portfolio has been handed to a member of the royal family. He helped to negotiate the current global agreement on supply cuts between OPEC and non-OPEC countries including Russia, a group known as OPEC+.

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