Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. Brent crude futures rose $0.97, or 1.2%, to $79.86 a barrel by 1610 GMT. West Texas Intermediate (WTI) crude futures rose $0.89, or 1.2%, to $76.83 a barrel. Prices of Brent and US WTI crude benchmarks fell more than $1 in early trading, hitting their lowest levels since October 1. Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies to dampen prices, government sources with knowledge of the plans told Reuters.
Published in The Express Tribune, November 23rd, 2021.
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