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Energy Summary for Sept. 9, 2019

2019-09-09 20:33 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.33 to $57.85 on the New York Merc, while Brent for November added $1.05 to $62.59 (all figures in this para U.S.). Oil traders took heart after Saudi Arabia's new Energy Minister, Prince Abdulaziz bin Salman -- son of King Salman and half-brother to the Crown Prince Mohammad bin Salman -- told reporters that he will stick with the country's policy of restraining oil production to support prices. His appointment took effect yesterday and ends the country's tradition of leaving energy policy to non-royal technocrats. It also marks the second time that Saudi Arabia has fired its energy minister in three years. The previous minister, Khalid al-Falih, was appointed in 2016, but over the years has become widely perceived as unenthusiastic about the proposed IPO of Saudi Aramco, where he was removed from the board of directors last week. Here in Canada, Western Canadian Select traded at a discount of $11.96 to WTI, down from a discount of $11.89. Natural gas for October added nine cents to $2.59. The TSX energy index added 2.97 points to close at 131.09.

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