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Oil up on Saudi pledge for stable prices

Published 24/11/2015, 13:50
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Investing.com - Crude oil futures rose on Tuesday as Saudi Arabia's pledge to work towards oil price stability remained in focus.

The world's biggest oil producer said Monday it is prepared to use all measures necessary to ensure a stable oil market and that it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.

Brent oil tacked on 0.8% to trade at $45.20 a barrel at 7:37 AM Eastern Time.

U.S. crude prices rose to $42.10 a barrel on the New York Mercantile Exchange.

The American Petroleum Institute will release its inventories report later in the day amid ongoing concerns over a domestic supply glut.

The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.

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