Baghdad Oil prices rose today, Monday, after Saudi Arabia raised the prices of crude sold to Asia and the United States.
Brent crude futures rose 2.22% to $71.43 a barrel.
Meanwhile, US West Texas Intermediate crude futures rose 2.43% to $67.87 a barrel, according to Bloomberg website data.
On Sunday, Saudi Arabia, the world’s largest oil exporter, raised the official selling price of Arab Light crude to Asia and the United States for the month of January by 80 cents compared to the previous month.
The increase came despite a decision last week by the Organization of Petroleum Exporting Countries “OPEC” and its allies, including Russia, a group known as “OPEC +”, to continue increasing supplies by 400,000 barrels per day in January 2022.
Prices also received a boost due to the waning prospects of increasing Iranian oil exports after the indirect talks between Washington and Tehran with the aim of reviving the 2015 nuclear agreement stopped.
Source: National Iraqi News Agency