Oil Rises As Saudi Arabia Says Producers Will Cooperate Beyond 2018

Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018.

 

Strong global economic growth and a drop in U.S. drilling activity also supported crude, traders said.

 

Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014.

 

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