Oil prices rose more than 4% on Monday, extending last week’s gain, with potential OPEC+ output cuts and the conflict in Libya helping to offset a strong dollar and poor growth prospects. from United States.
Saudi Arabia, the main producer in the Organization of the Petroleum Exporting Countries (OPEC), last week raised the possibility of production cuts, which sources said could coincide with an increase in supply from Iran if it strikes a nuclear deal with Iran. Western.
OPEC+, made up of OPEC, Russia and allied producers, will meet to define policy on September 5.
Brent crude closed up $4.10, or 4.1%, at $105.09 a barrel, up 4.4% last week. U.S. WTI crude gained $3.95, or 4.2%, to hit $97.01 after rising 2.5% last week.
“Oil prices are rising in hopes of a production cut by OPEC and its allies to restore market balance in response to the revival of the Iran nuclear deal,” said Sugandha Sachdeva, vice president of commodity research at Religare Broking. .
(Reporting by Laura Sanicola, with additional reporting by Alex Lawler, Mohi Narayan in New Delhi and Sonali Paul in Melbourne)
Source: CNN Brasil
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