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Oil Prices Rise After Saudi Statements

BAGHDAD, Oil prices rose on Monday rose after Saudi Arabia said OPEC and Russia should limit supplies at current levels, while Washington withdrew the threat of customs taxes on Mexico to defuse a cloud that has cast a shadow over the global economy.

According to Reuters, "Brent crude futures contracts for the month rose to a record $ 63.61 a barrel by 0645 GMT (945 GMT), up 32 cents, or 0.5 percent, from Friday's close.

US West Texas Intermediate crude futures were $ 54.32 a barrel, up 33 cents, or 0.6 percent.

Traders said oil prices rose after comments from Saudi Arabia, OPEC's biggest producer, on Friday that the group was close to agreeing to extend production cuts.

Source: National Iraqi News Agency

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