SULAIMANI (ESTA) — Oil Prices slightly rose on Monday, as expectations that OPEC would cut output if needed to support prices, linked to the conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for U.S. growth.
Brent crude rose 65 cents, or 0.6%, to $101.64 a barrel by 0815 GMT, extending last week’s 4.4% gain. U.S. West Texas Intermediate (WTI) crude was up $1.22, or 1.3%, at $94.28 after rising by 2.5% last week.
U.S. West Texas Intermediate (WTI) crude futures were up 45 cents, or 0.48%, to $93.51 a barrel by 0632 GMT, adding to a gain of 2.5% last week.
The price of crude oil has surged this year, with Brent coming close to a record high of $147 in March as Russia’s invasion of Ukraine exacerbated supply concerns. Rising fears over high-interest rates, inflation and recession risks have since weighed on the market.
(ESTA MEDIA NETWORK/REUTERS)
