Oil Prices Jump More Than $2 Ahead of OPEC+ Meeting

Oil Prices Jump More Than $2 Ahead of OPEC+ Meeting
An oil field worker works at a pump jack in PetroChina's Daqing oil field in China's northeastern Heilongjiang Province on Nov. 5, 2007. (Stringer (China)/Reuters)

LONDON—Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.

Brent crude futures advanced by $2.43, or 2.6 percent, to $95.45 a barrel by 0850 GMT after rising 0.7 percent on Friday. U.S. West Texas Intermediate crude was up $2.21, or 2.5 percent, at $89.08 after a 0.3 percent gain in the previous session.

U.S. markets are closed for a public holiday on Monday.

"The group is expected to leave output targets unchanged, but it's likely that a cut will be at least discussed; which, if followed through on, would create more volatility and uncertainty at a time of considerable unease," said Craig Erlam, senior market analyst at OANDA.

Oil prices have fallen in the past three months from multi-year highs hit in March, pressured by concerns that interest rate increases and COVID-19 curbs in parts of China could slow global economic growth and dent oil demand.

Lockdown measures in China's southern technology hub of Shenzhen eased on Monday as new infections showed signs of stabilizing though the city remains on high vigilance.

By Noah Browning
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