Oil prices jump more than $1 per barrel ahead of OPEC+ meetiing on output levels and strengthening prices
Oil prices have fallen in the past three consecutive months, after touching multi-year highs in March, on concerns that interest rate hikes and Covid-19 curbs in parts of China, the world's top crude importer, may slow global economic growth and cool oil demand.
Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel by 0054 GMT on Monday after gaining 0.7 percent on Friday. US West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4 percent, following a 0.3 percent advance in the previous session. US markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
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