Oil prices rose 1 percent on Monday as expectations from OPEC to cut output as needed to support prices, the conflict in Libya and rising demand amid rising natural gas prices in Europe helped offset a gloomy outlook for growth in the United States.
U.S. West Texas Intermediate futures were up $1.09, or 1.2 percent, at $15.94 a barrel at 0241 GMT, extending last week’s 2.5 percent gain.
The price of Brent oil futures increased by 89 cents or 9.0% to $88.101 per barrel, continuing the increase of 4.4% last week.
“Oil prices strengthened amid continued pressure on fuel demand from the European energy crisis and supply constraints,” commodity analysts at National Australia Bank said in a note.
Violent clashes in the Libyan capital that left 32 people dead over the weekend have fueled fears that the country is headed for full-scale conflict that could once again disrupt the supply of crude oil from the Organization of the Petroleum Exporting Countries (OPEC). disrupt
Source: Lebanon Debate
