Oil prices extended their rise with the opening of the US market on Monday, to rise by more than 1.0%, to continue its gains for the third day in a row, and Brent crude is on its way to achieving the second gain in the last three days, due to renewed concerns about a widening supply deficit during the last quarter of this The year, in light of expectations that the “OPEC Plus” alliance will stick to the current production policy without any change during the monthly meeting scheduled for next Thursday.
US crude rose 1.1% to the level of $ 84.24, from the opening level at $ 83.28, and recorded the lowest level at $ 82.77, and Brent crude rose by 1.2% to the level of $ 84.68 a barrel, from the opening level at $ 83.71, and recorded the lowest level at 83.06 $.
When prices were settled on Friday, US crude gained 0.3%, the second consecutive daily gain. On the other hand, Brent crude lost 1.1%, after it achieved a 0.6% increase the previous day.
In terms of trading last week, international oil prices lost an average of 1.75%, the first weekly loss in two and a half months, due to corrections from the highest level in several years.
Over the course of the entire month of October, international oil prices rose by an average of 8.5%, the second consecutive monthly gain, due to the possibility of a widening supply deficit during the last quarter of this year.
Traders' eyes are directed to the meeting of the Organization of Petroleum Exporting Countries "OPEC" and its allies from independent producers, led by Russia, the alliance known globally as OPEC Plus, next Thursday to determine production levels for next December.
It is widely expected that the alliance will stick to the current production policy, without approving any new increases in supplies, despite the continuous pressures from the US administration to raise production levels and rein in oil prices in order to ensure the protection of the global economic recovery.
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