World oil prices continued to rise

Oil prices reference marks accelerated growth in the course of trading on Monday on the statements of the new Minister of energy of Saudi Arabia and optimism about us-China negotiations.

Мировые цены на нефть продолжили рост

November Brent crude on London’s ICE Futures exchange to 17:34 rose $0,78 (1,27%) to $62,32 per barrel. This is the highest level since August 2.

The cost of the futures on WTI for October on the new York Mercantile exchange (NYMEX) by this time increased to a $1.02 (1.8 percent) — to $57.54 per barrel.

As reported at the weekend the government of Saudi Arabia has sent in the resignation of energy Minister Khalid al-falikha. His place was taken by Prince Abdel Aziz bin Salman al Saud.

According to the new Minister, the Kingdom will continue to consult with other oil producers for decisions on production and radical changes in the policies OPEC will not.

“Prince Abdul Aziz is very experienced, he’s a few decades spent in the Ministry of energy, — says the analyst of UBS Group Giovanni Taunovo. — His statements make it clear that one should not expect significant changes in energy policy of Saudi Arabia, which remains committed to reducing its oil reserves”.

A change in the leadership of the Ministry of energy of Saudi Arabia came on the eve scheduled for this week a two-day meeting of the Ministerial monitoring Committee of OPEC+.

Meanwhile, the US Treasury Secretary Steven Mnuchin said in an interview with Fox Business said “great progress” in the negotiations with China and that the Chinese delegation’s visit to Washington would be “a signal of good will”. “Our goal is to get a good deal with China,” the Minister added.

In addition, the market was supported by oil services company Baker Hughes, reporting a reduction in the number of existing oil installations in the US last week for 4 units to 738 units.