Oil prices gain for fourth consecutive day

Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia's OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world's biggest crude exporter over the weekend.

Prices were heading for a fourth day of gains and were also supported by comments from United Arab Emirates energy minister saying OPEC and its allies are committed to balancing the crude market.

Global benchmark Brent was up 7 cents at $61.61 a barrel by 0106 GMT, while US West Texas Intermediate was 20 cents, or 0.3 percent, higher at $56.72 a barrel.

"There is no shift in Saudi oil and OPEC policy. Prince Abdulaziz will work on strengthening cooperation among OPEC and non-OPEC," a Saudi official said on Sunday.

Saudi Arabia's King Salman appointed Prince Abdulaziz bin Salman, as energy minister on Sunday, replacing Khalid Al-Falih.

Prince Abdulaziz has been a longstanding member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC).

He helped to negotiate the current agreement between OPEC and non-OPEC countries including Russia, a group known as OPEC+, to cut global crude supply to support prices and balance the market.

UAE's Minister of Energy and Industry Suhail Al-Mazrouei said on Sunday that members of OPEC and non-OPEC producers are "committed" to achieving oil market balance.