April 2, 2023

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Oil prices are rising on the back of positive signs of global economic growth, according to Reuters

Oil prices are rising on the back of positive signs of global economic growth, according to Reuters

© Reuters. Wholesale oil refinery in France – Photo from Reuters Archive.

NEW YORK (Reuters) – Markets rose on Monday as signs of global economic growth boosted expectations for energy demand, but the United States said it was considering options to combat higher prices.

Global major contracts traded up 69 cents, or 0.83 per cent, to close at 83.43 a barrel after losing about two per cent last week.

US West Texas Intermediate crude trades ended 66 cents, or 0.81 percent, at $ 81.93 a barrel, after falling 3 percent last week.

In early trading, both criteria were higher than a dollar a barrel.

US President Joe Biden on Saturday welcomed Congress’ long-delayed $ 1 trillion infrastructure bill, which will boost economic growth and fuel demand.

Oil prices are still supported last week by the OPEC + alliance’s decision not to accelerate its plan to increase supply.

Biden called on OPEC + to produce more crude oil to calm the market and said on Saturday that his administration had “other tools” to deal with higher oil prices.

Analysts say Washington is exploring its options to tackle higher petrol and heating oil prices in the United States, including US Energy Secretary Jennifer Granholm, and moving away from the country’s strategic petroleum reserves.

(Produced by Waqti Al-Alfi for the Arabic Bulletin)

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