MTECHTIPS;-Oil Starts the Week Higher After Bullish Saudi Comments

MTECHTIPS;-Oil Starts the Week Higher After Bullish Saudi Comments on Supply Deal

MTECHTIPS-Crude prices started the week in positive territory on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies in an effort to prop up the market would continue beyond 2018. Brent crude futures, the benchmark for oil prices outside the U.S., were at $68.86 a barrel by 3:40 AM ET (0840 GMT), up 25 cents, or 0.4%, from their last close. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures tacked on 21 cents to $63.52 a barrel. OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday. Falih added that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. He spoke at a news conference after a meeting of the joint ministerial committee which oversees implementation of the cuts

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