* Saudi energy minister says OPEC+ alliance staying for long
term
* China's August crude imports rise on margin rebound
* U.S. says it is concerned about China's purchases of
Iranian oil
(Updates with settlement prices, adds market activity,
commentary)
By Stephanie Kelly
NEW YORK, Sept 9 (Reuters) - Oil prices rose about 2% on
Monday after the new Saudi energy minister, Prince Abdulaziz bin
Salman, confirmed expectations that he would stick with his
country's policy of limiting crude output to support prices.
Prince Abdulaziz, son of Saudi King Salman and a long-time
member of the Saudi delegation to the Organization of the
Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih
on Sunday. "The weekend announcement of a change in leadership within
the Saudi oil ministry was accompanied by strong suggestions
that production restraint would continue until the market
achieves a better balance," Jim Ritterbusch, president of
Ritterbusch and Associates, said in a note.
Brent crude LCOc1 futures gained $1.05, or 1.7%, to settle
at $62.59 a barrel, while U.S. West Texas Intermediate (WTI)
crude CLc1 futures rose $1.33, or 2.4%, to settle at $57.85 a
barrel.
Prince Abdulaziz said the pillars of Saudi Arabia's policy
would not change and a global deal to cut oil production by 1.2
million barrels per day would survive. He added that the so-called OPEC+ alliance between OPEC and
non-member countries including Russia was staying for the long
term. Russia's oil output in August exceeded its quota under the
OPEC+ agreements. OPEC oil output in August rose for the first month this year
as higher supply from Iraq and Nigeria outweighed restraint by
Saudi Arabia and losses caused by U.S. sanctions on
Iran. On Sunday, the United Arab Emirates' energy minister Suhail
al-Mazrouei said OPEC and non-OPEC producers were "committed" to
achieving oil market balance. The OPEC+ deal's joint ministerial monitoring committee
meets on Thursday in Abu Dhabi.
Trade and geopolitical tensions are affecting the market,
Mazrouei said.
Executives at the annual Asia Pacific Petroleum Conference
said on Monday they expect oil prices this year to be pressured
by uncertainties surrounding the global economy, the U.S.-China
trade war and increasing U.S. supplies. Elsewhere, China's crude oil imports gained about 3% in
August from a month earlier, customs data showed on Sunday,
buoyed by a recovery in refining margins despite a persistent
surplus of oil products and tepid demand.
The United States is "very concerned" about China's
purchases of Iranian oil, Dan Brouillette, deputy secretary of
the U.S. Department of Energy, said on Monday. The United States last year withdrew from a nuclear deal
that world powers had done with Iran in 2015, and reimposed
sanctions to strangle Iran's vital oil trade.
U.S. President Donald Trump said on Monday he could meet
with Iranian President Hassan Rouhani and that he had no problem
with such an encounter. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
CHART: U.S. oil may rise into $57.87-$58.59 range L3N2600MZ
CHART: Brent oil may rise further into $62.60-$63.35 range
L3N260067
U.S. Rig count png https://tmsnrt.rs/2X8Myf7
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>