Oil prices were up at trading start on Tuesday as Saudi Arabia's new energy minister vowed on Monday to continue OPEC's production cut policy to support prices.
International benchmark Brent crude gained 1.52% on Monday to close at $62.67 per barrel. It further rose on Tuesday at 0645 GMT to trade at $62.84 a barrel.
American benchmark West Texas Intermediate jumped 2.32% to finish the previous session at $58.18 a barrel, but was trading slightly lower at $58.06 per barrel on Tuesday at the same time.
Prince Abdulaziz bin Salman was named the kingdom's new energy minister on Sunday, replacing the former minister Khalid al-Falih who spearheaded the production cut deal between OPEC and non-OPEC countries.
Abdulaziz, the son of the Saudi King and half-brother of Crown Prince Mohammed bin Salman, vowed on Monday that there would be "no radical change" in OPEC's agreement to curb output.
Speaking at World Energy Conference in Abu Dhabi, the new minister said the output pact of the group, dubbed as OPEC+, intends to "stay for the long term."
OPEC+ oil producing nations, which includes Russia, agreed in early July to extend curbing their total production by 1.2 million barrels per day until the end of March 2020.
While OPEC+ countries need oil prices to rise for higher state revenues, Riyadh also wants to realize the initial public offering of the state-owned Saudi Aramco as early as November in the Saudi stock exchange, Tadawul.
By Ovunc Kutlu