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08:45, 12-Sep-2017
Oil prices rise as US refineries restart
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Oil prices rose on Monday, due to US refineries in the gulf reopening and Saudi Arabia meeting with other oil producing nations to discuss extending cuts to production.
Many refineries are restarting right now, lifting demand for American crude, while Saudi Arabia's cut extension talks are aimed to curb an oil supply glut that has lowered oil prices.
Media reported that the talks were held by Saudi Arabia's Energy Minister Khalid al-Falih, who met his Venezuelan and Kazakh counterparts at the weekend to discuss an extension of the deal by at least three months.
The West Texas Intermediate for October delivery was up 0.59 US dollars to settle at 48.07 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery inched up 0.06 dollar to close at 53.84 dollars a barrel on the London ICE Futures Exchange.
Source(s): Xinhua News Agency