RIYADH: Oil prices rose on Monday, extending gains from the previous session, after China eased some of its strict COVID-19 protocols, fueling hopes of a recovery in economic activity and demand at the world’s top crude importer.
Contracts for Brent crude and US West Texas Intermediate edged up nearly 1 percent earlier in the session but later pared some gains. Brent crude futures were last up 31 cents, or 0.3 percent, to $96.30 a barrel by 0430 GMT after settling up 1.1 percent on Friday.
US West Texas Intermediate crude futures were also up 23 cents, or 0.3 percent, at $89.19 a barrel after closing Friday’s session 2.9 percent higher.
Price cap on Russian oil will benefit China: Yellen
China’s purchases of Russian oil are “completely consistent” with Western countries’ plans to keep Russian crude on the world market and Beijing will benefit from the new price cap mechanism to be imposed in December, US Treasury Secretary Janet Yellen said on Monday.
Yellen told reporters on the sidelines of the G20 summit in Bali that China and other buyers of Russian oil will have more leverage to negotiate lower prices.
“We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil,” Yellen said.
Iraq wants to keep oil stable not above $100 per barrel
Iraq is keen to maintain stable oil prices at not above $100 per barrel, the country’s Prime Minister Mohammed Shia Al-Sudani told reporters on Saturday.
Iraq, a member of the Organization of the Petroleum Exporting Countries, will have discussions with other members to reconsider and increase its production quota, he added.
(With input from Reuters)