Oil prices rise ahead of OPEC’s monthly report

14/09/2020 Argaam

Oil prices edged higher on Monday as a tropical storm in the Gulf of Mexico forced closure of rigs, and ahead of OPEC’s monthly report on production levels.

 

According to projections, Tropical Storm Sally is expected to become a category 2 hurricane as it touches Louisiana.

 

Meanwhile, Brent crude was trading up 0.4% at $39.98 a barrel, at 8.55 am Makkah time.

 

US West Texas Intermediate crude rose 0.7% to $37.58 a barrel.

 

Organization of Petroleum Exporting Countries’ (OPEC) monthly report is due to be released later today.

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