As the “OPEC +” group discusses decreasing production by up to 1 million barrels per day during a meeting this week to stabilise the market, oil prices increased by more than 3 percent in early Asian trade on Monday.
By 23:37 GMT, Brent crude futures had increased $2. 82, or 3. 3 percent, to $87. 96 per barrel after declining by 0. 6 percent at Friday’s close.
US West Texas Intermediate crude increased by $2.60, or 3.3%, to $82.09 a barrel after falling by 2.1% the previous session.
Since June, oil prices have declined for four straight months as a result of the COVID-19 shutdown in China, the world’s largest energy user, which reduced supply and weighed on international financial markets with higher interest rates and a stronger US currency.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, also referred to as “OPEC Plus,” are thinking about lowering production by 0.
5 million and 1 million barrels per day, respectively, in order to sustain prices prior to the meeting on Wednesday, according to sources in “OPEC +.”
OPEC+ will reduce output for the second consecutive month, following a 100,000 barrel per day reduction last month.
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