Oil prices jump as Saudi Arabia suggests OPEC+ to keep production cut plan
Updated : May 20, 2019 08:08 AM IST
Brent crude futures were at $72.98 a barrel at 0009 GMT, up 77 cents, or 1.1 percent, from their last close. Brent closed down 0.6 percent on Friday.
US West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, up 63 cents, or 1 percent, from their previous settlement. WTI closed down 0.2 percent in the previous session.
The rally came after Falih said on Sunday there was a consensus among Organisation of the Petroleum Exporting Countries and other non-OPEC producers to drive down crude inventories “gently”, but his country would remain responsive to the needs of what he called a fragile market.