Singapore — Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that co-operation between oil producers that are withholding supplies would continue beyond 2018. Strong global economic growth and a drop in US drilling activity also supported crude, traders said. Brent crude futures were at $68.89 a barrel at 3.15am GMT, up 25c or 0.4% from their last close. Brent rose to $70.37 on January 15, its highest since December 2014. US West Texas Intermediate (WTI) crude futures were at $63.61 a barrel on Monday morning, up 24c or 0.4% from their last settlement. WTI climbed to $64.89 on January 16, also its highest since December 2014. Saudi Arabia, the world’s top oil exporter and de facto leader of the Organisation of the Petroleum Exporting Countries (Opec), said on Sunday major oil producers were in agreement that they should continue co-operating on production after their deal on supply cuts expires this year. "There is a readiness to continue cooperation beyond ...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.