Oil prices rose by one dollar on Mondayafter losses late last week saw investors refocus on the tight global supply outlook, while a last-minute deal that averted a US government shutdown restored some risk appetite.
Future Brent crude oil For December, they rose $1.04 to $93.24 a barrel, after falling 90 cents on Friday. By the time the contract expired on Friday, November Brent crude futures fell 7 cents to $95.31 a barrel.
US crude oil futures West Texas Intermediate They rose 96 cents to $91.75 a barrel after losing 92 cents on Friday.
Both benchmarks rose nearly 30% in the third quarter on expectations of a significant crude oil supply shortfall in the fourth quarter after Saudi Arabia and Russia extended further supply cuts through the end of the year.
It’s unlikely that Organization of Petroleum Exporting Countries Russia and other OPEC+ allies will change their current oil production policies at a key meeting on Wednesday, four OPEC+ sources told Reuters.
Speaking at the event on Monday, Secretary General OPECHaitham Al-Ghais said the group still believes that “oil demand this year will be as robust as last year.”
Review Reuters on Monday showed that oil production In September, OPEC increased output for the second month in a row, led by gains in Nigeria and Iran, despite cuts from Saudi Arabia.
Except, Saudi Arabia could begin to ease an additional 1 million barrels per day of voluntary supply cuts, ING analysts said on Monday.
Official data on Saturday showed thatThe activity of the Chinese plant has expanded for the first time in six months in September, adding to a string of indicators suggesting the world’s second-largest economy has begun to stabilize.
Despite the good news from China, European manufacturing data showed the eurozone, Germany and the UK were still in recession in September, which is bad news for the Chinese economy. oil demand.
Reuters
Source: Aristegui Noticias

Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.