Mubasher: Oil prices ended Monday’s trading in a rise as the meeting of the Organization of the Petroleum Exporting Countries (OPEC) approaches, after the Iraq approved the proposal to extent the output deal.
The price for West Texas Intermediate (WTI) or (Nymex) futures went up by 0.8% to $50.7 per barrel (pb), while Brent Crude futures for July delivery increased by 0.3% to $53.8 pb.
Last week, oil prices increased by around 5%.
Today, the Iraqi oil minister, Jabar Ali Al-Luaibi, said that Saudi Arabia and Iraq agreed on the need for a nine-month extension of the OPEC agreement to limit production.
OPEC and non-OPEC major oil producers are set to meet on 25 May to discuss prolonging the agreement.
