SINGAPORE, Sep 5(ABC): 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%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. 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.
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.