“We are not yet out of the woods” .. Oil prices rise after statements by Prince Abdulaziz bin Salman


File photo – Saudi Energy Minister Prince Abdulaziz bin Salman

Today, Monday, oil prices continued to record gains, as they rose above the level of $ 86 a barrel, after Saudi Arabia urged the “OPEC +” group to adhere to a cautious approach to increasing global production.

By 10:02 Moscow time, Brent crude futures rose 0.88% to $86.26 a barrel, after seven consecutive weekly gains.

Meanwhile, US West Texas Intermediate crude futures rose 0.84% ​​to $84.46 a barrel, and before that, US crude touched its highest price since 2014 at $84.76 a barrel.

The rise came after statements by Saudi Energy Minister Prince Abdulaziz bin Salman, in which he advised oil producers not to consider the rise in oil prices as constant, noting that the situation around the Covid-19 epidemic is still unexpected, so the demand for oil may decline soon.

The Saudi prince said in an interview with “Bloomberg” last Saturday: “We are not out of the woods yet. We have to be careful. The crisis has been contained but not necessarily over.”

Source: agencies

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