Oil settles higher as stock markets gain, Saudi signals intervention

Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street’s biggest drop since 2011 and 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 as U.S. equities rose amid strong corporate earnings. 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. We dropped precipitously on the idea global demand is going to slow,” said Gene McGillian, vice president of market research at Tradition Energy. “Now that equity prices are stabilizing, those fears are fading.” Read More