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Asharq Al-Awsat

Business

Asharq Al-Awsat

Oil Climbs on Prospect of OPEC Supply Cut, Demand Growth

OPEC Oil Sugandha Sachdeva Gas Prices Libya Europe Natural Gas

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/Stringer/Files

Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for US growth.

US West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2%, to $94.15 a barrel by 0519 GMT, adding to a gain of 2.5% last week.

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