Oil prices are rising after declining for four weeks

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Oil prices are rising after declining for four weeks

On Monday, the price of oil futures continued to rise due to the market’s expectation that the OPEC+ group will reduce their supplies in order to support prices. This comes after four weeks of declining prices, which were caused by a decrease in fears of disruption to Middle East supplies due to the war in Gaza.

As of 00:12 GMT, Brent crude futures increased by 11 cents, equivalent to 0.1%, and traded at $80.72 per barrel. Meanwhile, US West Texas Intermediate crude rose by eight cents and reached $75.97 per barrel. The front-month December contract is set to expire later today. The most active January futures contract also climbed up by 13 cents, or 0.2%, and traded at $76.17 per barrel.