Black gold prices rise amid expectations that OPEC will cut production and increase demand

The black gold saw a bullish run, as oil prices rose 1% on Monday on expectations that OPEC will cut production if needed, and increase demand amid higher natural gas prices in Europe.

Sharjah 24 – Archyde.com:

Oil prices rose 1% on Monday as expectations that OPEC will cut production if needed to support prices, conflict in Libya and increased demand amid rising natural gas prices in Europe helped offset bleak growth prospects in the United States.

US West Texas Intermediate crude futures rose $1.09, or 1.2 percent, to $15.94 a barrel at 0241 GMT, continuing the gains made last week, amounting to 2.5 percent.

Brent crude futures rose 89 cents, or 9.0%, to $88.101 a barrel, extending the gains made last week, amounting to 4.4%.

Commodity analysts at National Australia Bank said in a note, “Oil prices were stronger amid continued pressure on fuel demand from Europe’s energy crisis and supply constraints.”