Oil prices rose in early trading on Monday, continuing their gains for the second session as the U.S. seeks to revive its strategic reserves, providing some support, despite continued concerns about a glut of crude and weak fuel demand growth next year.
By 01:19 GMT, Brent crude futures rose 11 cents or 0.2 percent to $75.95 a barrel, and WTI crude futures increased seven cents or 0.1 percent to $71.30 a barrel.
The two crudes jumped more than 2 percent in Friday’s contract settlement, but fell for a seventh straight week, the longest weekly decline since 2018 as concerns continued over oversupply.
Despite the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC+, to cut production by 2.2 million barrels per day (bpd) in the first quarter, investors remain skeptical that supplies will fall as production growth in non-OPEC countries is expected to lead to a supply glut.
This week, investors are squeaming interest rate indices from meetings of five central banks, including the U.S. central bank, and U.S. inflation data to see their impact on the global economy and oil demand growth.
