SINGAPORE (dpa-AFX) – Oil prices rose in early trading on Monday. Most recently, a barrel (159 liters) of North Sea Brent cost $87.26. That was $2.12 more than Friday. The price of a barrel of US West Texas Intermediate (WTI) grade rose $2.04 to $81.53. As the Bloomberg news agency reported, citing delegates, the Opec+ subsidy association is considering cutting production by more than 1 million barrels a day.
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A meeting of the oil-exporting countries is planned for this Wednesday in Vienna. The group might counter an imminent downturn in demand due to the slowdown in the global economy with a harsh subsidy cut. Central banks around the world are raising their key interest rates in order to counteract historically high inflation. This might significantly slow down the growth of the global economy and thus also oil consumption. A cut of one million barrels a day would be the largest cut since the beginning of the corona pandemic./men/ngu
