US West Texas crude prices rose to a six-week high Monday following the news from OPEC.
Saudi Arabia appointed a new Energy Minister on Saturday, who signaled that OPEC and its allies would continue to cut outputs. This sent oil futures up. US West Texas Intermediate hit $58.03 per barrel, its highest price in six weeks. Oil's gains have been supported by remarks from OPEC leaders as well as Federal Reserve Chairman Jerome Powell, who reiterated the Fed's independence on Friday. Watch WTI trade live on Markets Insider.
Saudi Arabia appointed a new Energy Minister on Saturday, who signaled that OPEC and its allies would continue to cut outputs. This sent oil futures up. US West Texas Intermediate hit $58.03 per barrel, its highest price in six weeks. Oil's gains have been supported by remarks from OPEC leaders as well as Federal Reserve Chairman Jerome Powell, who reiterated the Fed's independence on Friday. Watch WTI trade live on Markets Insider.
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