Oil Prices Rally Amid Latest Saudi Pledge
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Crude prices kept higher on Monday amid reports of a new supportive pledge out of the Middle East.
Saudi Arabia, the world’s largest producer and the driving force behind OPEC, has said it may work with other producers to limit volatility in the oil market.
Brent crude gained around 3 percent to trade at US$33.20 per barrel while West Texas Intermediary crude futures advanced 2.5 percent to US$33.60 a barrel.
The rally comes despite data pointing to growing output from Iran, with the former reportedly increasing exports to as much as 1.75mln barrels per day in the last month.
Source: (March 1, 2016) Proactive Investors
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