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Saudi Comments Lift Oil Prices

Oil prices rose on Monday After Saudi Arabia, the world's largest oil exporter, said it would continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.

Prices were also supported by a rise in oil imports in China in August and comments from the United Arab Emirates' energy minister that OPEC and its allies are committed to balancing the crude market.

Global benchmark Brent crude jumped 0.75 percent to $62.01 a barrel while U.S. West Texas Intermediate crude futures were up 0.9 percent at $57.02 a barrel.

After Prince Abdulaziz, a long-time member of the Saudi delegation to OPEC, was named to the position on Sunday, replacing Khalid al-Falih, a Saudi official said that there would be no shift in Saudi and OPEC policy on the output cuts and that Prince Abdulaziz would work to strengthen OPEC and non-OPEC cooperation.

He is the son of Saudi King Salman and this is the first time the energy portfolio has been handed to a member of the royal family.

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