MTECHTIPS;-Oil Prices Advance; Saudi Arabia Reassures Canada on Oil Supplies

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MTECHTIPS;-Oil Prices Advance; Saudi Arabia Reassures Canada on Oil Supplies

MTECHTIPS-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 12:09 PM 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

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