Shares of energy producers rose alongside oil futures, which hit their highest levels since April amid renewed faith in the Organization of the Petroleum Exporting Countries' ability to stem a global oil glut. "Oil prices which were floundering lower overnight reversed course and surged higher after Saudi Energy Minster Khalid A. Al-Fali spoke and said that he was 'determined to do whatever it takes to balance market," said Phil Flynn, senior market analyst at the Price Futures Group, in a note to clients. Mr. Flynn noted that this was not the first time Saudi officials had taken this line on rebalancing the market. "Yet this time the market, unlike the last time, believes them as OPEC and their compliance has earned some market cred."
-Rob Curran, firstname.lastname@example.org
Continue Reading Below
(END) Dow Jones Newswires
October 24, 2017 16:48 ET (20:48 GMT)