Oil prices rise as major producers rallied to increase supply

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Oil prices rose 1 percent, as Saudi Arabia’s energy minister signaled major producers may have to intervene in crude markets to support prices.

Brent crude futures LCOc1 rose 72 cents to settle at $76.89 per barrel.
The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.

U.S. crude CLc1 settled at $67.33, up 51 cents.

The Dow Jones Industrial Average .DJI rose 1.6 percent and the benchmark S&P 500 stock index .SPX jumped 1.8 percent as companies such as software maker Microsoft Corp (MSFT.O), automaker Ford Motor Co (F.N) and social media company Twitter Inc (TWTR.N) reported strong third-quarter earnings, allaying some fears that slowing growth would hit oil demand. [.N]

Also lifting prices were comments by Saudi Arabia Energy Minister Khalid Al-Falih, who said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

Saudi Arabia’s OPEC governor said on Thursday the oil market could face oversupply in the fourth quarter.

“The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks.”

Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy.


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