I jumped oil prices More than 3% in early trading in Asia, today, Monday, while the OPEC + group is considering cutting production by more than one million barrels per day in the largest reduction since the Corona pandemic in an attempt to support the market.
Brent crude futures rose $2.51, or 3%, to $87.65 a barrel, after declining 0.6% at the close on Friday.
US West Texas Intermediate crude also rose 3%, or $2.39, to $81.88 a barrel, after losing 2.1 percent in the previous session, according to “Archyde.com”.
Oil prices have fallen for four consecutive months since June after the shutdown of “Covid-19” in China, the largest energy consumer, hurt demand, while higher interest rates and a stronger US dollar affected global financial markets.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are considering reducing production by between 0.5 million and one million barrels per day before the meeting on Wednesday, in order to support prices, according to sources in “OPEC +” told “Archyde.com”.
This will be the second consecutive monthly cut by “OPEC +” after it cut production by 100,000 barrels per day last month.