Saudi Energy Minister: We managed to bring stability to oil market

Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Wednesday that they were able to bring stability to the oil market, as reported by Reuters.

"We have the will and the ability to continue bringing more stability," the minister added. 

Bin Salman refrained from commenting on possible changes to the oil output cut agreement.

Market reaction

Crude oil continues to trade in the positive territory after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was up 1.15% on a daily basis at $41.82.