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Brent oil takes out USD 86 as Saudi Arabia vows caution on supplies

Oil rallied above USD 86 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.

Photo: ANGUS MORDANT/REUTERS / X06552

Global benchmark Brent advanced 0.8 percent, building on a run of seven consecutive weekly gains, while West Texas Intermediate hit the highest since 2014. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told Bloomberg Television at the weekend that producers shouldn't take the rise in prices for granted. That conservative stance was echoed by both Nigeria and Azerbaijan.

Oil has more than doubled over the past 12 months, fanning inflationary concerns, as the global economy rebounded from the dislocation caused by the coronavirus pandemic. While consumption has surged, the Organization of Petroleum Exporting Countries and its allies have been restrained in easing the draconian supply cuts imposed in 2020 to salvage prices. That's driven Brent to the highest since 2018 as stockpiles fall and key timespreads balloon.

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