Oil prices jump following upbeat week

New York, U.S. | Xinhua | Oil prices rose on Monday, building on the gains they had scored in the prior week.

The West Texas Intermediate (WTI) for November delivery added 1.17 U.S. dollars, or 1.5 percent, to settle at 80.52 dollars a barrel on the New York Mercantile Exchange, the first finish for a front-month WTI contract above 80 dollars a barrel since late 2014. Brent crude for December delivery increased 1.26 dollars, or 1.5 percent, to close at 83.65 dollars a barrel on the London ICE Futures Exchange.

“The shortage on the energy markets is still lending tailwind,” Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.

Oil prices have gained momentum especially after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, last week decided to step up its oil production only gradually, despite tight supplies on the market.

For the week ending Friday, the U.S. crude benchmark jumped 4.6 percent, while Brent rose 3.9 percent, based on the front-month contracts.

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Xinhua