Singapore — Oil markets rose more than 1% on Monday, pushed up by tension in the Middle East, where top crude exporter Saudi Arabia and other Arab states cut ties with Qatar, and as signs of falling Opec supplies tightened the market. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with top liquefied natural gas and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability. Brent crude oil futures rose 70c or 1.4% to $50.65 a barrel by 3.45am GMT. US West Texas Intermediate futures were at $48.34 a barrel, up 68c or 1.4%. Traders said prices had also received support from a tightening physical crude market. Saudi Aramco raised July prices for its Arab Light grade to all major regions of Asia, Northwest Europe, and the US on Sunday. The price signal reflected other signs that an effort led by the Organisation of the Petroleum Exporting Countries (Opec) to curb production by almost 1.8-million barrels a day was starti...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.