London — Oil rose towards $65 barrel on Thursday, supported by Saudi Arabia’s comment that it would rather see an under-supplied market than end an oil cartel Opec-led deal to withhold production too soon, and by a weak US dollar. Saudi energy minister Khalid al-Falih said on Wednesday that Opec would do better to leave the market tight than end the deal on cutting output too early. Saudi Arabia is Opec’s top producer. Brent crude, the global benchmark, rose 32c to$64.68 as of 9.43am GMT, extending the previous session’s gain of $1.64. US crude was up 58c at $61.18. "Khalid al-Falih gave his strongest hint yet that exiting the current supply agreement is unlikely to be on the agenda this year," said Tamas Varga of oil broker PVM. Oil also gained as the dollar weakened, falling to a 15-month low against the yen. A weaker dollar makes oil and other dollar-denominated commodities cheaper for holders of other currencies, potentially boosting demand. "It seems that Al-Falih felt this com...
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