Oil Prices Extend Gains

Oil Prices Extend Gains
Oil Prices Extend Gains

Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven nations meeting in Germany.
The prospect of more supply tightness loomed over the market, as Western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal that might lead to more Iranian oil exports, reported.
Producer nations in OPEC+, which includes Russia, will likely stick to a plan for accelerated oil output increases in August when they meet on Thursday, sources said.
But, for now, the pressing supply worries outweighed growing concerns over the potential for a global recession following a string of downbeat US economic data.
Brent crude futures edged up 22 cents, or 0.2%, to $113.34 a barrel after rebounding 2.8% on Friday. 
US West Texas Intermediate crude was at $107.73 a barrel, up 11 cents, or 0.1%, following a 3.2% gain in the previous session.
Both contracts posted their second weekly decline last week as interest rate hikes in key economies strengthened the dollar and fanned recession fear.

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