Oil edges up on supply worries, G7 pledge to enforce Russian price caps

Oil prices increased slightly on Monday due to a weaker dollar and supply cuts made by Canada and OPEC+ producers. Brent crude futures rose by 0.2% to $75.72 per barrel, and U.S. West Texas Intermediate crude rose 0.2% to $71.84 per barrel. Last week saw gains of around 2% for both oil benchmarks, following Alberta fires, which cut off a significant amount of crude supply in Canada, and voluntary OPEC+ production cuts. A lack of crude supply may threaten the success of a new Nigerian facility, the Dangote Petroleum Refinery, where oil rig counts have reduced in the U.S.

Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.