Crude oil prices rose on Monday after US President Joe Biden’s visit to the Middle East failed to reach an agreement to increase oil supplies. Biden hoped that he would win a promise to increase oil production from Saudi Arabia, which could ease global supply pressures.
But Brent crude rose 2.6 percent to $103.88 on Monday after Saudi Arabia’s foreign minister, Prince Faisal bin Farhan Al Saud, dismissed speculation of an increase in output. The Guardian gave this information.
He said oil was not discussed at the US-Arab summit on Saturday and the OPEC plus oil cartel nation would continue to assess market conditions.
Naeem Aslam, chief market analyst at AvaTrade, said: “The message is OPEC Plus decides to increase supply and the cartel is not interested in what Biden was trying to achieve.
OPEC Plus will continue to control oil supply, and only one country cannot determine oil supply – at least that is the message traders have taken from Biden’s visit to Saudi Arabia.
The Rise in oil Prices Will Continue To Put Pressure on the Pumps Where People Are Facing Record Prices of Petrol and Diesel
However, Brent crude prices have declined since reaching a high of around $130 a barrel during the early weeks of the war in Ukraine.
Oil prices fell for the fifth consecutive week last week. The Guardian reported that concerns about the prospect of a global recession have caused investors to flee commodity markets.