Oil rises; set to log monthly, quarterly gains

Oil drilling rigs

Oil prices rose today, March 28, firmly on way to record a third monthly gain in a row as prices are up 4.5% this month so far.

Brent crude futures for June delivery (the most active) rose 0.42% to $85.77 a barrel, at 10:11 am Makkah time. West Texas Intermediate (WTI) crude gained 0.48% to $81.74 a barrel.

Oil is set to record strong quarterly gains in Q1 2024, as US crude has risen by about 14% this year so far.

Investors are awaiting the meeting of OPEC+ Joint Ministerial Monitoring Committee scheduled for next week, amid concerns about supplies in light of geopolitical risks.

JP Morgan expects oil prices to rise to $100 a barrel later this year after the Russian government ordered companies to reduce oil production to a target of nine million barrels per day by the end of June.