Oil closes higher, but records monthly loss

Oil prices closed higher today, Jan. 31, but recorded a monthly loss as prospects for oil demand remained under scrutiny.

Investors are awaiting the decisions of central banks in the United States, Europe and the United Kingdom this week, amid expectations of increases in interest rates to control inflation.

A Reuters survey revealed that OPEC's oil production fell to 28.87 million barrels per day in January, down 50,000 barrels from December levels.

An OPEC+ advisory committee will review production plans later this week, amid expectations that the output policy will remain unchanged.

Brent crude futures for April delivery increased by 1.1%, or 96 cents, to settle at $85.46 a barrel, but posted a monthly loss of 0.5%.

US West Texas Intermediate (WTI) crude for March delivery rose 1.3%, or 97 cents, to $78.87 per barrel, but fell 1.7% in January.