Crude oil prices inched higher Monday after a top Saudi official said that OPEC should extend its supply quota plan beyond this year.
“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” Saudi Arabia’s Khalid al-Falih told reporters, according to Markeywatch. “This is something that is here to stay.”
Traders ignored a warning from famous investor Mohamed El-Erian that the recent rally will be short lived.
“Unless there is a notable geopolitical shock, traditional oil producers should treat the recent oil-price gains as a temporary windfall, not a permanent state of affairs,” El-Erian wrote to Project Syndicate. “To prolong the price recovery as long as possible, they should reinforce their collective production discipline.”
March WTI oil climbed 26 cents, or 0.4%, to settle at $63.57/bbl.
Feb. WTI oil gained 25 cents, or 0.4%, to end at $63.62/bbl.
The material has been provided by InstaForex Company – www.instaforex.com
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