Baghdad-INA

Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.

Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel, after rising 0.7 percent on Friday.

 
"Reuters" indicated that the US markets are closed for a public holiday, on Monday.

Oil prices have fallen in the past three months, after touching multi-year highs in March, on concerns that interest rate hikes and COVID-19 curbs in parts of China, the world's top crude importer, may slow global economic growth and cool oil demand.

At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.

“While we expect the group to keep output unchanged, the rhetoric may be bullish as it looks to arrest the recent fall in prices," ANZ analysts said in a note.

Russia, the world's second-largest oil producer and key OPEC+ member, does not support a production cut at this time and it is likely the group will keep its output steady when it meets Monday, the Wall Street Journal reported on Sunday, citing unidentified people familiar with the matter.