Oil prices extend gains after Saudi hints over freeze pact

Oil prices ticked higher on Friday in Asia morning trade after Saudi Arabia said it would work with other oil producers to stabilize prices, a comment interpreted by some market players that the world’s biggest oil producer could be on board for a collective production freeze.

The comment by Saudi’s energy minister Kahlid al-Falih boosted oil prices by more than 4% overnight, propelling both U.S. and Brent, the international benchmark, to a three-week high.

“This has most likely caused some investors to close out their recent bearish bets, pushing prices higher,” ANZ Research said.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.69%   traded at $44.04 a barrel, up, $0.55, or 1.3% in the Globex electronic session. October Brent crude LCOV6, +0.43%  on London’s ICE Futures exchange rose $0.45, or 1%, to $46.49 a barrel.

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