Brent rises 1%; WTI crude crosses $84

Oil drilling rigs

Oil prices reversed their initial decline to edge higher on Monday amid latest developments linked to COVID-19 infections, and in anticipation of the OPEC+ meeting later this week.

The international benchmark Brent crude was trading up 1% at $84.57 per barrel, at 12.50 pm Makkah time.

WTI crude rose 0.6% to $84.06 per barrel.

China released reserves of the two fuels to increase market supply and support price stability in some regions, according to the National Food and Strategic Reserves Administration.

Elsewhere, US President Joe Biden urged major G20 energy producing countries to boost output to ensure a stronger global economic recovery.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to meet on Nov. 4 to review the group’s production policy.