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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":71488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[9950,6846,7536],"class_list":["post-71487","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-fears","tag-oil","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71487"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71487\/revisions"}],"predecessor-version":[{"id":71490,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71487\/revisions\/71490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71488"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}