(MENAFN- ProactiveInvestors)
West Texas Intermediate crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.
West Texas Intermediate jumped 4.4% to settle at US$56.52 a barrel on the New York Mercantile Exchange.
Brent for February settlement increased US$2.11 to US$61.38 a barrel on the London-based ICE Futures Europe exchange.
While Ali Al-Naimi Saudi Arabia’s oil minister said yesterday that a slump in prices was temporary he also said it would be “difficult if not impossible” for OPEC to curb its oil production amid a glut the Saudi Press Agency reported.
Prices rose immediately after his remarks before ending the day at the lowest in five years. The nation accounted for about 13% of global oil output last year BP Plc estimates.
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