NEW YORK: Oil advanced above US$85 (RM353) a barrel after Saudi Arabia said that the Organisation of Petroleum Exporting Countries (Opec) alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.
Global benchmark Brent added 0.3%, building on a run of seven consecutive weekly gains, while West Texas Intermediate hit the highest since 2014. Saudi Arabia Energy Minister Prince Abdulaziz Salman told Bloomberg Television at the weekend that producers shouldn’t take the rise in prices for granted. That conservative stance was echoed by both Nigeria and Azerbaijan.
