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Oil market sees renewed growth

The sluggish rise in crude oil future seen on Friday has given way to stronger and more resolute gains this morning. By the time of writing, the Brent price was up 0.42% at $88.60/bbl, and WTI was trading 0.56% higher at $85.62/bbl.

Saudi Energy Minister Abdulaziz bin Salman Al Saud warned in an interview that there is a risk of shortages of oil and other conventional energy resources during the world's transition to green energy, a statement that stoked buying. The conflict between the UAE and the Yemeni Houthi rebels goes on, lending additional support to rising oil prices.

On Friday, Brent bounced off the $85/bbl support level and moved higher. The next upside target is at $89/bbl.


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