Oil prices rose in the European market on Monday, extending its gains for the second day in a row, with continued recovery processes from the lowest level in four weeks, in addition to hopes of strong global demand, especially after Saudi Aramco raised the selling prices of crude during next December.
American crude rose 1.4% to the level of $ 82.45, from the opening level at $ 81.34, and recorded the lowest level at $ 81.07, and Brent crude rose by more than 1.7% to the level of $ 83.98 a barrel, from the opening level at $ 82.55, and recorded the lowest level at $82.55.
When settling on Friday, US crude gained 2.5%, the first gain in the last four days, after it recorded the previous day, a four-week low at $78.28 a barrel, and Brent crude rose by 1.75%, after recording the previous day's level at $78.28 a barrel. $80.22 a barrel, the lowest since October 7.
On the level of trading last week, global oil prices lost an average of 2.0%, in the second consecutive weekly loss, due to fears of oversupply in the United States, and after the announcement of the resumption of Iranian nuclear talks.
Late Friday, Saudi Aramco raised the official selling price for Arab Light crude to $2.7 in next December, from $1.4 the average price during the current month.
The move of the largest oil company in the world to increase export prices, means that global demand is still strong, and that the producers of the OPEC Plus alliance will not increase supplies to the market higher than previously set levels.
The OPEC Plus alliance announced last week to keep the production policy unchanged with full commitment to the current supply ceiling, amid complete disregard of the repeated calls from some major countries, led by the United States and India, to increase production and curb the rise in prices to support the recovery of the global economy.
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