Oil prices jump following upbeat week
The West Texas Intermediate (WTI) for November delivery added 1.17 U.S. dollars, or 1.5 percent, to settle at 80.52 dollars a barrel on the New York Mercantile Exchange, the first finish for a front-month WTI contract above 80 dollars a barrel since late 2014. Brent crude for December delivery increased 1.26 dollars, or 1.5 percent, to close at 83.65 dollars a barrel on the London ICE Futures Exchange.
"The shortage on the energy markets is still lending tailwind," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.
Oil prices have gained momentum especially after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, last week decided to step up its oil production only gradually, despite tight supplies on the market.
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