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Oil Prices Hit $104 On New Supply Scare


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Oil Prices Hit $104 On New Supply Scare

Oil prices rose early on Monday, extending gains from Friday, as supply took center stage on the market with potential new production cuts from OPEC+ and deadly clashes in Libya which renewed concerns about Libyan oil exports.

Brent returned above the $100 per barrel mark last week and has traded above that threshold for most of the past five days, after Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said that OPEC+ was ready to cut production at any time in any form if it believes it would bring stability to the “schizophrenic” oil market.

After the Saudi signal, OPEC’s rotating president for this year, Congo’s Hydrocarbons Minister Bruno Jean-Richard Itoua, also expressed support for potential cuts. The United Arab Emirates (UAE) has similar views to Saudi Arabia on the crude oil markets, a source familiar with the UAE’s thinking told Reuters on Friday, as speculation intensifies over whether the OPEC+ group would consider making new cuts to production again.

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Joe Biden cut oil production in the United States then begged Saudi Arabia for more oil. Now oil prices are climbing higher again.

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