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Oil rose in early Asian trading

Adel 10 April, 2023 12:08 pm Commodities, Global Stock Market, Market Update

Oil prices rose in early Asian trading on Monday, supported by expectations of production cuts targeted by OPEC + starting in May, but gains were limited by concerns about the global economic outlook.

Brent crude futures rose 13 cents, or 0.2%, to $85.25 a barrel by 2356 GMT, while US West Texas Intermediate crude rose 14 cents, or 0.2%, to $80.84 a barrel.

The two benchmarks rose last week for the third week in a row, returning to levels not seen in the market since November after the Organization of the Petroleum Exporting Countries (OPEC) and its allies surprised investors by announcing more production cuts starting from May.

Prices got a boost after data on Thursday showed the number of US oil rigs cut by two, to 158, in a sign that US production will not rise in the near term.

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