2024-03-25T04:49:18+00:00
A-
A
A+
/ Oil prices rose in early Asian trading, on Monday, after declining over three sessions, driven by sanctions, geopolitical risks, and OPEC+ supply cuts.
By 00:29 GMT, Brent crude futures rose 24 cents, or 0.3 percent, to reach $85.67 per barrel, and US crude futures increased 25 cents, or 0.3 percent, to reach $80.88 per barrel.
Both crude oil prices recorded a change of less than one percent last week compared to the previous week.
Continued drone strikes by Ukraine are also hampering Russia’s crude oil refining capabilities.
Crude oil prices are heading for a third monthly gain as OPEC+ continues to impose restrictions on production.
While China’s fragile demand outlook was a headwind, Premier Li Qiang said Beijing was stepping up political support to stimulate growth, and systemic risks were being addressed.