Crude Oil Rallies

West Texas Intermediate prices rose on Monday morning to $42.75 per barrel. Last week the price on Nov 20 closed down by 2%. Brent crude prices also rose nearly 2% Monday morning. The optimism in the market is due to indications by Saudi Arabia that they were willing to stabilize the market. Saudi Arabia issued a statement, "The cabinet stressed the Kingdom's role in the stability of the oil market, its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries."