Oil prices rose in early trading on Monday, continuing their gains for a second session as the United States sought to revive its strategic reserves, which provided some support, despite continuing fears of a glut in crude supply and weak growth in fuel demand next year.
Price action
By 0119 GMT, Brent crude futures rose 11 cents, or 0.2 percent, to $75.95 a barrel, and West Texas Intermediate crude futures rose seven cents, or 0.1 percent, to $71.30 a barrel.
The two crude oils jumped by more than two percent in the settlement of contracts on Friday, but they fell for the seventh week in a row, which is the longest period of weekly decline since 2018, with continued concerns about the oversupply.
Weak prices have led to increased demand from the United States, which is seeking to add three million barrels of crude to the Strategic Petroleum Reserve for delivery in March 2024.
Although the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC+, pledged to cut production by 2.2 million barrels per day in the first quarter of the year, investors remain skeptical that supplies will decline as production growth in countries is expected to... OPEC members are left with a supply glut.
This week, investors are looking for indicators regarding interest rates from the meetings of five central banks, including the US Central Bank, and US inflation data, to know their impact on the global economy and the growth in demand for oil.
