According to comments made by Saudi Arabian oil minister Ali Al-Naimi on Tuesday, the price of oil isn't controlled by his country, nor is it controlled by OPEC. Rather, the minister stated "no one can set the price of oil – it's up to Allah."
Speaking to
CNBC, Al-Niami further added that only Allah knows in which direction the commodity is heading. He also noted that he is "not worried at all" if Iranian crude would come back onto the market should international sanctions on the country be removed as part of a nuclear deal.
Crude Oil futures were staging a "monster rally," trading higher by more than $2.00 during Tuesday's trading session. The commodity traded at $61.10, marking the first time it has traded in the $60 handle since December.
Oil investors and traders appeared to be bullish on oil related names on Tuesday, especially drilling related companies. Shares of
Seadrill Ltd SDRL surged more than 10 percent while shares of
Pacific Drilling SA PACD were also higher by 10 percent. Investors and traders were also buying shares of
Diamond Offshore Drilling Inc DO as shares were higher by nearly 7.50 percent
Meanwhile, shares of
Transocean LTD RIG were trading higher by nearly seven percent,
ENSCO PLC ESV was trading higher by just over five percent,
Rowan Companies PLC RDC shares were higher by just under five percent.
Shares of small-cap
Vantage Drilling Company VTG were trading higher by 3.65 percent while shares of
Seadrill Partners LLC SDLP were underperforming its peers, trading higher by less than three percent.
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