Oil prices rebounded after three-day fall on Friday ahead of an OPEC+ meeting on supply at which Saudi Arabia could push for output cuts.
After falling over 11% over the previous three days, U.S. West Texas Intermediate (WTI) has started to rise again, and are currently trading at $88 per barrel. Concern that tighter monetary policy and fresh Covid-19 lockdowns in China may weaken consumption has put a damper on crude prices this week.
Prior to Monday’s OPEC+ meeting, oil prices were already being pressured by the dollar’s historic rise.
Oil plunged more than a fifth in the three months through August, this poses a problem for OPEC and its allies, with ministers planning output policy on September 5. Bloomberg said that markets expect the organization to maintain supply unchanged, but the Saudi Energy Minister mentioned the potential of an output decrease last week.
As of 10:18 a.m. Thai time, the international benchmark Brent crude jumped $1.56 or 1.69% to settle at $93.92 a barrel, while the U.S. West Texas Intermediate (WTI) rose $1.60 or 1.85% to close at $88.21 per barrel.