Oil climbed higher on Thursday as King Salman of Saudi Arabia made the first ever visit by a Saudi monarch to Russia, Business Insider reports.
King Salman told Russian President Vladimir Putin in Moscow that the two countries will continue to work on stabilizing oil markets. Brent crude oil, the international benchmark, was up by 2.0% at $56.91 per barrel and West Texas Intermediate, the US benchmark, was up by 1.6% at $50.80 per barrel at 12:51 p.m. ET.
Saudi Arabia and Russia remain divided on several major issues, including the ongoing civil war in Syria, but have a mutual interest in seeing oil prices rise higher since both of their economies are highly dependent on the commodity. The two have cooperated on oil policy over the last year with regard to the OPEC-non OPEC members oil cuts deal.