The Brent Crude of world reference stood at u$s100.22 a barrelwith a rise of u$s3.74 or a 3.9%. US crude West Texas Intermediate closed with a rise of u$s3,4, or a 3.7%, a u$s93.74 the barrel.
“It is debatable whether OPEC or OPEC+ production cuts after September are justified,” said Tamas Varga, from the PVM brokerage. “Despite recent inflation-induced weakness, the oil market seemed to have found a bottom of late.”
Crude has soared in 2022, nearing an all-time high of $147 in March after Russia’s invasion of Ukraine exacerbated supply concerns.. Since then, concerns about a global recession, accelerating inflation and weakening demand have weighed on prices.
Also in the spotlight is the possibility of a nuclear agreement between Iran and world powers that would allow this country to increase its oil exports. A senior US official told Reuters that Iran has abandoned some of its main demands to resurrect a pact.
To underline the tight supply, the latest weekly US inventory reports are expected to show a 1.5 million barrel drop in crude stocks. The first of two reports this week will be released at 2030 GMT by the American Petroleum Institute.
Source: Ambito
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