Last weekend, Saudi Arabia’s crown prince Mohammed bin Salman affirmed the kingdom’s willingness to back an extension of oil production cut agreement in order to restore supply and demand balance. “The kingdom affirms its readiness”, he announced.
Moreover, oil market is supported by the news about a suspension in exports from Iraq’s Kurdish region to Turkey. The latter received up to 264.000 barrels a day less. Export was suspended on Monday morning.
After Saudi prince’s statements and a brief disruption in exports from Iraq’s Kurdish region, oil prices are rising steadily. Brent crude benchmark is trading at the highest levels since summer, 2015, WTI rose up to the highest point since February, 2017. Brent for December settlement rose by 0.23% and now are trading at $60.58 a barrel. WTI for December settlement rose by 0.15 % up to $53.98 a barrel.