Middle east

Oil Updates — Crude climbs ahead of OPEC+ meeting; Germany to use windfall tax income to reduce energy prices

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Mon, 2022-09-05 09:38

RIYADH: Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+ producers, to cut output and support prices at a meeting later in the day.

Brent crude futures rose $1.88, or 2 percent, to $94.90 a barrel by 0345 GMT after gaining 0.7 percent on Friday. 

US West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2 percent, following a 0.3 percent advance in the previous session.

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