Oil prices rise ahead of OPEC monthly report

13/10/2020 Argaam

Oil prices were trading higher on Tuesday ahead of OPEC’s monthly report on production levels for September, and as supply disruptions cleared in US Gulf of Mexico and Norway.

 

Meanwhile, the International Energy Agency expects a decline in global energy demand by about 5% this year, amid estimates of a decrease in coal consumption by 7% and oil by 8%.

 

Brent crude was trading up 0.8% at $42.06 a barrel, at 8.45 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures also rose 0.8% to $39.75 a barrel.

 

Offshore US Gulf of Mexico energy producers have resumed output after closure was lifted as Hurricane Delta weakened. Meanwhile, workers strike in Norway ended as oil firms came to a settlement with labour union officials.

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