Oil prices jump more than a dollar a barrel

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors awaited possible moves by OPEC+ producers to adjust production and support prices at a meeting later on Monday.

Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel by 0054 GMT, after rising 0.7 percent on Friday.

US West Texas Intermediate crude scored $88.12 a barrel, up $1.25, or 1.4 percent, after rising 0.3 percent in the previous session. US markets are closed for a public holiday on Monday.

Oil prices have fallen for the past three months in a row, after touching multi-year highs in March on concerns that interest rate hikes and COVID-19 restrictions in parts of China, the world’s largest crude oil importer, will slow global economic growth and slump. Oil demand.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide during their meeting later on Monday to maintain current production levels or even cut production to support prices despite the continued tight supply.

On Sunday, The Wall Street Journal reported, citing unnamed people familiar with the matter, that Russia does not support cutting oil production at the moment and that OPEC+ is likely to keep its production stable when it meets on Monday.