Baku 25° C
Oil surges over $1/bbl ahead of OPEC+ meeting
Energy
- 05 September, 2022
- 06:12
Add Report.az to preferred Google sources
Stay up to date with the top news!
Oil prices jumped over $1 a barrel on Monday, extending gains as investors ahead of the OPEC+ meeting due today, September 5.
Report informs, citing Reuters, that Brent crude futures rose $1.88, or 2%, to $94.90 a barrel by 0345 GMT after gaining 0.7% on Friday. US West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2%, following a 0.3% advance in the previous session.
US markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
Author
Latest News
18:01
Azerbaijan's revenues from gold export to Switzerland rises nearly 30%
Business
17:54
Photo
Baku expected to host Global Conference on State-Owned Enterprises in 2027
Finance
17:47
Zelenskyy warns of 20M Ukrainians' influx into EU if Russia wins
Other countries
17:38
Minister: Normalization of Armenia-Türkiye relations will benefit region
Region
17:29
Baku Initiative Group backs Kanak opposition to New Caledonia nickel deal
Foreign policy
17:20
Photo
Azerbaijan, NATO discuss cooperation in military education
Military
17:07
FIFA unveils official brand for U20 World Cup 2027
Football
16:58
Hungary, Ukraine agree to put bilateral relations on new footing
Other countries
16:54
Photo
Azerbaijani PM meets senior Paralympic officials in Baku
Foreign policy