The energy minister of Saudi Arabia said on Thursday he was optimistic about Opec's deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.
Oil prices reversed early losses to push higher on Thursday as markets recovered from their initial shock at US President-elect Donald Trump's surprise victory, although traders said that crude fundamentals remained weak.
Oil prices tumbled on Wednesday as vote counting showed Donald Trump edging ahead in an unexpectedly tight US presidential election, throwing world markets into turmoil in a result reminiscent of June's Brexit vote.
Coordination between members of oil-exporting cartel OPEC and non-member producers is ‘vital’ to rebalance the market, OPEC chief Mohammad Barkindo said Monday.
Oil prices fell on Monday as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze.
Oil climbed further above $52 a barrel on Friday, supported by a drop in US fuel inventories, though gains were kept in check by ample crude supplies even as Opec plans to cut output.
Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.
Insurance, telecom and industrials counters witnessed stronger demand to lift the 20-stock Qatar Index 0.48% to 10,405.2 points, reflecting the rebound in the global oil market.
Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years.
Brent oil futures touched a four-month high on Tuesday as investor confidence grew in last week's deal by oil producers to freeze output levels in order to stem a two-year price rout.
Oil prices rose nearly 3% on Thursday, extending their rally on optimism over Opec's first output cut plan in eight years.
Saudi Arabia's top religious authority urged citizens to support government austerity measures, saying recent decrees were temporary moves necessitated by public interest, a newspaper reported on Thursday.
