Oil prices rallied more than 2% at the start of Asia’s Monday trading session

09.05.2016 04:48

Darryl Dyck | Bloomberg | Getty Images

Oil prices rallied more than 2 percent at the start of Asia’s Monday trading session as supply outages persisted over the weekend from Canada’s wildfires that have shut half the country’s vast oil sands capacity.
U.S. crude’s West Texas Intermediate futures were up $1.15, or 2.6 percent, at $45.81 a barrel by 6:05 p.m. EDT (2205 GMT) in New York on Sunday, after opening at $45.
Brent crude futures rose $1.02, or 2.2 percent, to $46.39, after opening at $45.75.
In another shock for oil markets, on Saturday Saudi Arabia issued a royal decree that replaced its long-time oil minister Ali al-Naimi with Khalid al-Falih, chairman of Saudi Aramco, as part of a broad reshuffling of the cabinet.
The move came as the world’s largest oil producer continues to grapple with the fallout from the global bear market in crude oil.




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