Oil prices rise slightly as markets await OPEC+ meeting

Oil prices rose slightly, Monday, amid weak trading due to two holidays in the United States and Britain, as markets await the OPEC + meeting on June 2, where producers are expected to discuss maintaining voluntary production cuts for the rest of the year.

This comes after a week that was clouded by the assessment of expectations for lowering US interest rates in the face of persistent inflation.

According to CNBC, Brent crude futures for July delivery rose $1,000, or 1.3%, to settle at $82.88 per barrel, and the most widely traded August contracts rose 59 cents to $82.43 per barrel.

West Texas Intermediate crude rose 1.21%, about 94 cents, to $78.66 per barrel.

Brent ended last week down by about 2%, while Texas Intermediate crude fell by about 3% after the US Federal Reserve minutes showed that some officials are ready to raise interest rates further if they consider this necessary to control inflation.

Markets are awaiting the personal consumption expenditures index in the United States this week, seeking more indicators regarding monetary policy.

The index data will be announced on May 31 and is the US Central Bank’s preferred measure of inflation.

Markets are also awaiting a meeting of the OPEC+ group of oil producers, which will be held on June 2 via the Internet.

Sources in the group suggested that producers would extend the production cuts amounting to 2.2 million barrels per day.