Oil rises

Oil prices rose yesterday after Saudi Arabia, the world’s largest exporter of crude, named oil veteran Prince Abdulaziz bin Salman as its new energy minister, a move seen strengthening an output-cutting deal between OPEC and other producers.

Prince Abdulaziz, son of Saudi King Salman and a member of the Saudi delegation to the Organisation of the Petroleum Exporting Countries, replaced Khalid al-Falih on Sunday.

Global benchmark Brent LCOc1 crude futures were up 35 cents at $61,89 a barrel by 0846 GMT yesterday. — CNBC.

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