English
Oil prices are rising about 1%, supported by expectations that OPEC + will maintain production cuts
Oil prices rose about 1% on Monday (March 29th), after Reuters reported that Russia would support stability in OPEC + crude production ahead of a producer group meeting later this week.
Crude contracts fell earlier in the session after news that a container ship stuck in the Suez Canal blocked traffic for about a week and was floated back.
Brent crude futures, the world benchmark, ended the trading session up 41 cents, to settle at $ 64.98 a barrel.
US West Texas Intermediate crude futures rose 59 cents to settle at $ 61.56 a barrel.
A source familiar with the matter said Russia would support generally stable oil production from the OPEC + group, of which the Organization of the Petroleum Exporting Countries and its allies including Russia, in May as it seeks a relatively small increase for itself to meet growing seasonal demand.
