On Monday morning, oil prices rose more than $1 per barrel following an increase in the price of crude sold to Asia and the United States by Saudi Arabia’s major exporters.
- Brent crude rose $1.69, or 2.4%, to $71.57 a barrel.
- WTI crude was $67.92 a barrel, up $1.66, or 2.5%.
Last Sunday, Saudi Arabia raised official January selling prices for all grades of crude oil sold to Asia and the United States. The price adjustment consists of an increase of 80 cents higher than the previous month.
Although OPEC+ added another 400,000 barrels per day in January, the price increases took place.
In addition, oil prices were affected by rising Iranian oil exports after indirect negotiations between the United States and Iran on maintaining the 2015 nuclear agreement that fell through last week. Talks are expected to resume in the middle of this week.
In the meantime, the chaos caused by the pandemic of a new variant could cause the world to lower its projections for economic growth.
The Spot Market is Open
Monday, December 6, 2021