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Oil Prices Advance; Saudi Arabia Reassures Canada on Oil Supplies

CommoditiesAug 09, 2018 12:00AM ET
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Oil prices advanced on Thursday

Investing.com – Oil prices advanced on Thursday after falling overnight. Reports that Saudi Arabia reassured Canada on oil supplies received some focus.

Brent Oil Futures for October delivery surged 0.33% to $72.52 per barrel at 11:09PM EM (03:08 GMT), while Crude Oil WTI Futures for September delivery also edged upwards by 0.16% to $67.05 per barrel.

Saudi Arabia’s energy minister, Khalid al-Falih, said on Thursday in a statement that the recent dispute between the two countries will not affect oil supplies.

Al-Falih said, “The current diplomatic crisis between Saudi Arabia and Canada will not, in any way, impact Saudi Aramco’s relations with its customers in Canada,” adding that the country has a “firm and long-standing policy" that petroleum supplies are not influenced by political considerations.

His comments came after Canada asked the kingdom to release a group of rights activists last week. Infuriated by Canada's demand, Saudi Arabia expelled the Canadian ambassador on Sunday and froze new trade with Canada, while also halting the state-backed educational and medical programs in the northern country.

The trade dispute continued on Wednesday as Saudi foreign minister Adel al-Jubeir ruled out any mediation efforts and urged Canada to “fix a big mistake”.

In other news, the biggest oil refinery in Vietnam, Nghi Son, is boosting its production and will run in full capacity in September after a delay for over a year thanks to problematic construction and begin its operations in November, according to reports. The facility is expected to make 200,000 barrels of crude per day in the upcoming September.

Oil Prices Advance; Saudi Arabia Reassures Canada on Oil Supplies
 

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