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Oil Prices Jump Over $1

Oil Prices Jump Over $1
Oil Prices Jump Over $1

Oil prices climbed more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.
Brent crude futures rose $1.88, or 2%, to $94.90 a barrel after gaining 0.7% on Friday. US West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2%, following a 0.3% advance in the previous session, Money.usnews.com reported.
US markets are closed for a public holiday on Monday.
At their meeting later on Monday, 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.
"OPEC+ will most likely keep output tight enough to retain the oil price amid demand disruptions that were sparked by the renewed lockdowns in some parts of China," said Tina Teng, an analyst at CMC Markets.
Russia, the world's second-largest oil producer and key OPEC+ member, does not support a production cut at this time and it is likely the group will keep its output steady when it meets on Monday, the Wall Street Journal reported on Sunday, citing unidentified people familiar with the matter.
 

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