Oil rises as Saudi Arabia is betting OPEC is close to agreeing to extend supply cuts
Oil prices rose on Monday (June 10th) after Saudi Arabia said OPEC and its allies should extend oil production cuts to current levels as the kingdom does not want a market share struggle with the US or a repeat of the price collapse of five years ago. The United States withdrew its threat to impose customs duties on Mexico, removing one cloud on the global economy.
Saudi Energy Minister Khalid al-Falih said OPEC was close to agreeing to extend an oil supply cut after June, although more talks were still needed with non-OPEC producers involved in the production deal.
Brent crude futures rose to $ 63.52, or 23 cents, or 0.4 percent above Friday's close.
Talking about West Texas crude futures, it was $ 54.29 a barrel, up 30 cents, or 0.6 percent above its last level.