Oil steady ahead of OPEC+ supply policy meeting | Reuters
Oil was steady on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained.
Three sources told Reuters the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) in November. read more
Brent crude was up 20 cents or 0.3% at $79.48 per barrel by 1101 GMT. It rose 1.5% last week, its fourth weekly gain in a row. U.S. oil rose 1 cent or 0.1% to $75.98, after gaining for the past six weeks.
Oil prices have risen due to a rise in global demand and supply disruptions, pushing Brent last week above $80 to a near three-year high.
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