"Despite no radical change in oil policy, the developments over the weekend continue to underscore the Kingdom's commitment to stabilizing markets and pushing prices higher", said Michael Tran, a commodity strategist at RBC Capital Markets.
Still, there's great buzz around the crown prince's plan to list as much as 5% of Aramco by 2020 or 2021, which would make it the world's biggest IPO ever. Meanwhile, investors are also focused on whether the US and China will put an end to the trade war when officials meet in October. He also said he would endorse production cuts to help boost oil prices, which have been hit by the US-China trade war.
Global benchmark Brent LCOc1 was up 61 cents, or 1 per cent, at 62.15 dollars a barrel by 0649 GMT, while U.S. West Texas Intermediate CLc1 was up 65 cents, or 1.2 per cent, at 57.17 dollars a barrel.
"Prince Abdulaziz is very decisive, he has a strong personality when it comes to the market".
Prince Abdulaziz is a known figure among OPEC members and industry insiders.
Oil extended gains from the highest level in nearly six weeks as Saudi Arabia's new energy minister signalled his commitment to output cuts, while U.S. crude stockpiles are expected to continue their decline.
Oil futures rose on September 10 to their highest levels in nearly six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices. A committee made up of key members from the coalition will meet in Abu Dhabi this week to review progress of their deal to cut crude production.
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Until Prince Abdulaziz's appointment late on Saturday night, Saudi Arabia's oil ministry has been since 1960 headed by civilian technocrats. His elevation concentrates more power within the immediate family of King Salman, who ascended to the throne in 2015.
The veteran oil man's dismissal is indicative of Crown Prince Mohammed bin Salman's ruthless style of rule as he spearheads a highly ambitious economic reform programme.
Analysts said they don't expect the kingdom's priorities to be different under the new minister.
Rapidan Energy Group said the alliance might need to cut output by an additional one million bpd to stabilise the market.
The prince's speech marks his debut since being named the kingdom's new oil minister early on Sunday. He headed a team of ministry officials and Aramco executives to lay out and update the kingdom's oil strategy, according to the ministry's website.
Crude oil prices extended its recent winning streak with Brent crude futures trading at roughly 6-week highs.
"Personally, I think that's something we have to work out with them", Brouillette told journalists. "The trade war is weighing down on growth and that's weighing down on oil".