In the equation of supply and demand, oil prices jumped more than one dollar a barrel, on Monday, extending its gains, as investors awaited possible moves by the producers of the OPEC + group, to adjust production and support prices at a meeting later on Monday.
Sharjah 24 – Archyde.com:
Oil prices jumped more than $1 a barrel on Monday, extending gains as investors awaited possible moves by OPEC+ producers to adjust production and support prices at a meeting later on Monday.
Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel by 0054 GMT, following rising 0.7 percent on Friday.
US West Texas Intermediate crude recorded $88.12 a barrel, up $1.25, or 1.4%, following rising 0.3% in the previous session.
Oil prices have fallen for the past three months in a row, following touching their highest levels in several years in March, due to concerns that raising interest rates and Covid-19 restrictions in parts of China, the world’s largest importer of crude oil, will slow global economic growth. And the demand for oil fell.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, may decide at their meeting later on Monday to maintain current production levels, or even cut production to support prices despite the continued tight supply.
