Baghdad Oil prices jumped more than 3% in early trading in Asia, today, Monday, at a time when the “OPEC +” group is considering reducing production to up to one million barrels per day during a meeting this week to support the market.
Brent crude futures rose $2.82, or 3.3%, to $87.96 a barrel, after declining 0.6 % at the close last Friday.
US West Texas Intermediate crude scored 82.09 dollars a barrel, up 2.60 dollars, 3.3 %, after losing 2.1 % in the previous session.
Oil prices have fallen for four consecutive months since June after the COVID-19 shutdown in China, the largest energy consumer, hurt demand while higher interest rates and a stronger US dollar weighed on global financial markets.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as “OPEC +”, are considering reduce production by between 0.5 million and one million barrels per day before Wednesday’s meeting, in order to support prices, sources in OPEC + told Reuters.
Source: National Iraqi News Agency