Oil prices rise ahead of OPEC+ meeting this week

17/08/2020 Argaam

 

Oil prices rose during Monday's trading amid investors' hopes of higher demand for crude despite the coronavirus pandemic.

 

Brent crude futures for October delivery rose 0.8% to $45.14 a barrel at 8:55 a.m.

 

US Nymex crude for September delivery edged up 0.9% at $42.40 a barrel.

 

Chinese government-owned oil companies pledged to increase their oil imports from the US in August and September, Reuters reported earlier.

 

In addition, the virtual meeting of the Joint Ministerial Monitoring Committee (JMCC) of OPEC and allies is expected to take place on August 19.

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