Oil prices rose during trading today, Monday, amid the stability of the dollar against most of the major currencies, and crude consolidated its gains despite the announcement of the cancellation of the “OPEC Plus” meeting.
Sources told Reuters, quoting the Secretary-General of the Organization of the Petroleum Exporting Countries, "Mohammed Barkindo," that the ministerial meeting of the "OPEC Plus" alliance has been canceled, and no date has been set for the next meeting.
Barkindo added that the eighteenth ministerial meeting of the "OPEC Plus" alliance has been canceled, and another date will be set at a later time.
This comes with the failure several times to reach an agreement on oil production policy starting next August.
On the other hand, the dollar index - against a basket of major currencies - by 13:26 GMT settled negatively at 92.2 points, and recorded the highest level at 92.3 points and the lowest level at 92.1 points.
In terms of trading, US “NYMEX” crude futures for August delivery rose by 18:59 GMT by 1.6 percent to $76.3 a barrel.
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