Futures Movers: Oil prices push higher after upbeat comments from Saudi energy minister

Oil prices rose Tuesday after positive remarks on the supply and demand balance from the Saudi Arabian energy minister on Monday.

The March contract for global crude benchmark Brent LCOH7, +1.36% gained 73 cents, or 1.4%, to $53.10 a barrel, while its U.S. counterpart, West Texas Intermediate CLG7, +1.72% was up 1.2% to $52.98 for February deliveries.

Crude prices strengthened overnight after Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, touted the effect of its production cut pact with major non-OPEC producers. Saudi oil minister, Khalid al-Falih, told reporters in the United Arab Emirates that the market would rebalance by the end of the first half of 2017, according to media reports.

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