Oil continues its gains as the United States seeks to buy strategic reserves

Oil prices rose on Monday, extending 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.

By 0119 GMT, Brent crude futures rose 11 cents, or 0.2 percent, to $75.95 per barrel, and West Texas Intermediate crude futures increased seven cents, or 0.1 percent, to $71.30 per barrel.

The two crude oil prices jumped by more than two percent on Friday, but they fell for the seventh week in a row, the longest period of weekly decline since 2018, with continued concerns about a supply glut.

Weak prices 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 Non-members face a glut in supply.

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.