\n \n \n “. concat(self. i18n. t(‘search. voice. recognition_retry’), “\n
By Ambar Warrick
Investing. com — Oil costs rose on Monday, recouping some of last week’s losses, as more OPEC members expressed a recent output cut of more than 2 million barrels in line with the day, despite increased U. S. opposition. U. S.
Several members of the Organization of the Petroleum Exporting Countries and their allies, plus Saudi Arabia, the United Arab Emirates, Iraq and Kuwait, expressed a desire to cut output over the weekend, expressing a not unusual desire to stabilize oil costs in the face of headwinds from slowing economic growth.
London-traded Brent crude futures rose 1. 1% to $92. 47 a barrel, while U. S. West Texas Intermediate futures rose 1. 1 percent to $92. 47 a barrel, while U. S. West Texas Intermediate futures rose 1. 1 percent. U. S. stocks rose 0. 9% to $85. 37 a barrel at 8:46 p. m. ET (00:46 GMT). Both contracts recovered from a 7% loss last week, which was boosted through a stronger dollar and a larger-than-expected inventory buildup in the United States.
OPEC members reiterated their cuts at the source amid a widening rift between the United States and Saudi Arabia, the cartel’s leader. Biden’s management criticized the production cut, saying it would raise oil costs and Russia’s war effort opposed to Ukraine through expanding oil revenues in Moscow. .
Washington accused OPEC leader Saudi Arabia of forcing smaller members to comply with the cut.
Several OPEC members denied the cut was politically motivated, arguing that it was more about stabilizing crude costs. News of the cut lifted oil prices earlier this month as the cartel’s stability guarantees supported a bullish outlook for crude costs.
But the United States also responded to the cut by releasing 7. 7 million barrels of oil from its Strategic Petroleum Reserve (SPR) last week to reduce crude costs.
EE. UU. se has dipped into the SPR this year to help cap gasoline prices at home and reduce the amount of oil profits Russia receives. Volatility in crude oil markets.
Near-term crude demand may also be affected by additional disruptions in China. President Xi Jinping said on Sunday that the country would maintain its zero COVID policy, despite widespread damage to China’s economy this year.
But the Chinese president also said Beijing would increase spending and stimulus to help economic growth. China’s slowing economic activity has led to a drastic drop in its crude imports this year.
Related article
Oil rises while OPEC members are explicit in source cuts
Gold set below $1,650, copper awaiting primary production reports
OPEC members line up to approve cuts after U. S. U. S. Calls for Coercion