Oil prices continue to climb today. It's the fifth consecutive day of higher closing prices. Today's price of $51.50 a barrel is 18% higher than the lows of just 18 days ago.
Opec is hoping to extend existing oil production cuts, in order to push prices higher.
Saudi Aramco plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC, the company said in an announcement at a business summit in Saudi Arabia. The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva's Port Arthur, Texas, refinery, already the largest in the United States, and to extend Motiva's operations in the petrochemical value chain, according to a statement about the investment. A likely additional investment of $18 billion is expected in Motiva by 2023, it said.