Oil prices rose amid expectations of reduced supplies

Al-Anbat - Insherah Al-Tamiami

‏Oil prices rose in early Asian trading on Monday, supported by expectations of production cuts targeted by "OPEC +” starting next May, but concerns about the global economic outlook limited the gains.

‏According to Bloomberg Economic News Agency, Brent crude futures rose 13 cents, or 0.2 %, to $85.25 a barrel, while US West Texas Intermediate crude rose 14 cents, or 0.2 %, to $80.84 a barrel.

‏The two benchmarks rose last week for the third week in a row, returning to levels not seen in the market since last November, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies' surprised investors by announcing more production cuts starting from May.

‏Prices received support after data last Thursday showed a reduction in the number of US oil rigs by two to 158, indicating that US production will not rise in the near term.