03-10-2022
(Reuters) - Oil prices rose more than 3 percent in early trading in Asia on Monday, as the OPEC + group consider cutting production by more than one million barrels per day, in the largest reduction since the Corona pandemic, in an attempt to support the market.
Brent crude futures rose $2.51, or 3 percent, to $87.65 a barrel by 02:06 GMT, after falling 0.6 percent at the close on Friday.
US West Texas Intermediate crude also rose three percent, or $2.39, to $81.88 a barrel, after losing 2.1 percent in the previous session.
Oil prices have fallen for four consecutive months since June after the COVID-19 shutdown in China, the largest energy consumer, hurt demand, while higher interest rates and a stronger US dollar weighed on global financial markets.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are considering cutting production by 0.5 million to 1 million barrels per day before Wednesday's meeting to support prices, OPEC+ sources told Reuters.
This will be the second consecutive monthly cut by OPEC + after it cut production by 100,000 barrels per day last month.