After climbing for three weeks straight, oil prices increased little on Monday as anticipation of supply reductions from Saudi Arabia and other OPEC+ members outweighed worries about slowing global growth that would reduce demand for gasoline.<\/p>\n\n\n\n
After OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, shocked the market with a fresh round of production restrictions starting in May, crude prices increased by more than 6% last week.<\/p>\n\n\n\n
By 1200 GMT on Monday, Brent crude had increased by 19 cents, or 0.2%, to $85.31 per barrel, while U.S. West Texas Intermediate crude had increased by 9 cents to $80.79.<\/p>\n\n\n\n
An end to northern Iraqi exports has added to supply shortages. Although a deal was reached last week to reopen the flows, as of Thursday, they still hadn’t done so.<\/p>\n\n\n\n
A steeper-than-anticipated reduction in U.S. crude stockpiles last week, as well as a decline in petrol and distillate stocks, which suggested increased demand, also helped to bolster the price of oil.<\/p>\n\n\n\n
A U.S. inflation report due out on Wednesday may be able to provide investors with insight into the direction of interest rates in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"
After climbing for three weeks straight, oil prices increased little on Monday as anticipation of supply reductions from Saudi Arabia and other OPEC+ members outweighed worries about slowing global growth that would reduce demand for gasoline. After OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, shocked the market with a …<\/p>\n","protected":false},"author":9,"featured_media":77220,"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":[38,39,36],"tags":[7241,7156,10243,7685],"class_list":["post-82631","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-global-stock-markets","category-market-updates","tag-banking","tag-brent","tag-silicon-valley-bank","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82631","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=82631"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82631\/revisions"}],"predecessor-version":[{"id":82632,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82631\/revisions\/82632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}