International oil prices witnessed a slight increase in the morning trading of Monday's session, after witnessing a decline to its lowest level in eight months last week.
Oil prices fell last week, affected by the rise in the dollar and fears that sharp increases in interest rates worldwide will lead to a recession and damage the demand for fuel.
The dollar index rose to its highest level in 20 years, on Monday, to limit the rise in oil prices.
Today, oil prices witnessed an increase in Brent crude futures contracts by 17 cents, or 0.2%, to reach $86.32 a barrel.
US West Texas Intermediate crude futures rose by 21 cents, or 0.3%, at $78.95 a barrel.
Contracts of Brent crude and Texas Intermediate fell by about 5% last Friday, according to Reuters news agency.
Analysts said the agency said that crude oil is expected to find some support after Russia reinforced its forces for the war on Ukraine.
European Union sanctions on Russian oil are due to enter into force next December.
With lower oil prices, attention will turn to what the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, dubbed (OPEC+), might do when they meet on October 5, 2022, after agreeing to modestly cut production at their last meeting.
Analysts of (ANZ) Research said in a note that the decline may lead to (OPEC) intervention again, referring to the statements of Nigerian Oil Minister Timber Silva, who said that (OPEC) will consider reducing production because current prices are hurting the budgets of some members.
But in light of (OPEC +) producing much less than its target level of production, it is unlikely that any announced cut will have a significant impact, if any, on actual supply.
