WASHINGTON (dpa-AFX) - Oil prices climbed on Tuesday after Saudi Arabia said it would not rush to boost oil supply to make up for a loss of Iranian crude due to U.S. sanctions.
Benchmark Brent crude rose 0.8 percent to $72.12 per barrel while WTI crude futures were up a little over 1 percent at $64.15 per barrel.
Saudi Energy Minister Khalid al-Falih reportedly told RIA news agency that the country would stick to a global deal on oil production, which could be extended to the end of 2019.
He didn't specify whether, or by how much, output levels could change after June.
Significantly, his comments came after the United States decided last week not to renew exemptions from sanctions against Iran and President Donald Trump told the oil cartel to lower oil prices.
Oil prices have jumped nearly 40 percent since January, helped by OPEC-led supply cuts as well as U.S. sanctions on producers Iran and Venezuela.
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