Energy

Brent oil price rises above $64 per barrel

 

Price of Brent crude oil increased above $64 per barrel on Monday as prices in the global oil market have continued their trend to climb higher.

International benchmark Brent crude reached as high as $64.17 per barrel at 1830 GMT with a 3.2 percent daily gain. This is the highest level for the benchmark since June 2, 2015.

American benchmark West Texas Intermediate (WTI) gained 2.6 percent to climb as high as $57.31 a barrel — its highest level since July 2, 2015.

Experts pointed out to corruption arrests of dozens of high-profile figures, including princes and current and former ministers, over the weekend in Saudi Arabia, the world's biggest crude oil exporter.

This led investors worrying about supply security of crude oil from the Kingdom, experts said.

Crude oil prices have been on a rising trend for the past two weeks with hopes that OPEC and Russia would extend their production cut agreement beyond March 2018.

Officials from Saudi Arabia and Russia signaled in past weeks that they would support extending the deal.

OPEC will have its semi-annual meeting on Nov. 30 in Vienna.

By Ovunc Kutlu in New York

Anadolu Agency

energy@aa.com.tr

 


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