Remarks by Saudi Aramco push oil prices up

Earlier, during the World Economic Forum in Davos, Nasser said that OPEC’s oil output deal should hopefully see the market balance by the end of the first half of 2017.

The price of March futures for Brent crude oil rose by 1.31 percent as of 08:24 EST and stood at $56.59 per barrel. The price of February futures for West Texas Intermediate (WTI) oil has increased by 1.58 percent to $53.20 per barrel.

Oil prices are also supported by the depreciation of the US dollar. Weaker dollar supports oil prices, as it makes the commodities more accessible for investors holding other currencies.