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Oil prices rise on Monday
Aya Anwar Published in Amwal Al Ghad on 01 - 12 - 2025

Oil prices rose around 2 per cent on Monday after OPEC+ reaffirmed its plan to hold output steady, while geopolitical tensions and supply disruptions added further support. Brent crude gained $1.22 to $63.60 a barrel, and US West Texas Intermediate (WTI) rose $1.22 to $59.77, both reaching their highest levels in over a week.
The Caspian Pipeline Consortium halted exports after a Ukrainian drone damaged a mooring at its Russian Black Sea terminal, cutting more than 1 per cent of global supply. US-Venezuela tensions also stoked uncertainty after President Donald Trump said the airspace above Venezuela should be considered closed, though he provided no details on possible military action.
Analysts said OPEC+'s decision to maintain production eased concerns about an oil glut, while ongoing attacks on Russian energy infrastructure and the stalled Russia-Ukraine peace process added further upside risk.
Attribution: Reuters

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