Monitoring Desk
ISLAMABAD: Oil prices in the Asian market climbed in the early hours of trade on Monday, amid heightened tensions in the Middle East following a drone attack in Iran and China’s recent pledge to promote a consumption recovery that would support fuel demand.
Brent crude futures increased 54 cents, or 0.6%, to $87.20 a barrel by 0115 GMT while US West Texas Intermediate crude surged to $80.22 a barrel, rising 54 cents, or 0.7%.
OPEC+ likely to continue current oil output policy
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, will most likely continue with their current oil output policy as they meet virtually on February 1.
Still, hints of a rise in crude exports from Russia’s Baltic ports in early February caused Brent and WTI to post their first weekly loss in last three weeks.
Reportedly, Israel was behind an overnight drone attack on an Iranian military facility in the city of Isfahan, a US official said on Sunday.
China’s cabinet on Saturday announced promoting consumption recovery as the major driver of the economy and boosting imports, state broadcaster CCTV reported.
China will be resuming business this week after its Lunar New Year holidays. The number of passengers commuting before the holidays was more than the past two years but still below 2019, Citi analysts said in a note, citing data from the Ministry of Transport.
