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.