Oil prices rose more than $2 a barrel on Monday, extending gains as investors awaited possible moves by OPEC+ producers to cut production and support prices at a meeting later in the day.
Brent crude futures rose $2.43, or 2.6 percent, to $95.45 a barrel by 0850 GMT, following rising 0.7 percent on Friday.
US West Texas Intermediate crude scored $89.08 a barrel, up $2.21, or 2.5 percent, following rising 0.3 percent in the previous session. US markets are closed for a public holiday, Monday.
Sources in OPEC + told Archyde.com that the group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, will discuss options, including reducing crude production by 100,000 barrels per day, during its meeting today.
On Sunday, the Wall Street Journal reported, citing unnamed people familiar with the matter, that Russia is not in favor of cutting oil production for now, and that OPEC+ is likely to maintain stable production when it meets on Monday.
Six sources in OPEC + said that the group is likely to keep oil production quotas unchanged for the month of October at a meeting, on Monday, however, some sources did not rule out a slight production cut to support prices, which fell due to fears of an economic slowdown.
The six sources said, on Sunday and Monday, that OPEC +, which includes member states of the Organization of the Petroleum Exporting Countries and allies including Russia, is expected to maintain current policies.
However, three of the sources said that the group might also consider reducing production by a small amount of 100,000 barrels per day.
(Archyde.com)
