Oil prices jumped more than one dollar a barrel, today, Monday, continuing their gains, as investors awaited possible moves by the producers of the (OPEC +) group; To adjust production and support prices at a meeting later today.
Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel, after rising 0.7 percent last Friday.
US West Texas Intermediate crude recorded $88.12 a barrel, up $1.25 or 1.4%, after rising 0.3% in the previous session, knowing that US markets are closed today for a public holiday.
Oil prices have fallen in the past three months in a row after 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 (OPEC) and its allies, a group known as OPEC+, may decide during their meeting later today to maintain current production levels or even reduce production to support prices despite the continued tight supply.
ANZ analysts said, according to Reuters: Although we expect the group to keep production unchanged, the speech may be upbeat as it looks to halt the recent decline in prices.
And the Wall Street Journal reported, on Sunday, citing people familiar with the matter, who did not disclose it, as saying that Russia does not support reducing oil production at the present time and it is likely that (OPEC +) will maintain its production stability when it meets today, Monday.
