Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.
Brent crude futures rose $1.43, or 1.5 per cent, to $94.45 a barrel by 0054 GMT after gaining 0.7 per cent on Friday. US West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4 per cent, following a 0.3 per cent advance in the previous session. US markets are closed for a public holiday on Monday.
Oil prices have fallen in the past three consecutive months, after touching multi-year highs in March, on concerns that interest rate hikes and Covid-19 curbs in parts of China, the world’s top crude importer, may slow global economic growth and cool oil demand.
