Brent, WTI go back above $60 per barrel

Crude oil prices were higher on Monday on a combination of factors that included comments from the Saudi Arabian oil minister and new violence in Nigeria.

According to sources in the Nigerian government, an oil production facility at Tebidaba, in the southern part of the country, was attacked early on Monday. The region supplies oil to a tanker terminal that handles around 200,000 barrels of crude per day. Meanwhile, the oil minister of Saudi Arabia said that the Organization of Oil Exporting Countries is prepared to cut production further if the market is still oversupplied when the cartel meets in Nigeria in December.

Brent crude for December delivery was 88 cents higher to $60.02 per barrel at early evening in London, while December contracts for West Texas Intermediate crude added $1.02 to $60.16 per barrel on the New York Mercantile Exchange.