Economy

Brent price approaches $80 a barrel

Oil prices improved on Monday, bringing the price of Brent crude close to $80 a barrel, supported mainly by “strong” demand and an unstable supply.

The price of international benchmark Brent crude oil for future contracts reached $79.12 per barrel on London International Market today, recording an increase of 1.32 percent compared to the market’s closing price on Friday.

The price of West Texas crude future contracts also rose by $1.27 to reach $74.92 a barrel.

The price of Brent crude rose to $79.52 at the start of the Asian trading on Monday, for the first time since October 23, 2018.

The Organization of Petroleum Exporting Countries and its allies outside the organization, also called “OPEC +”, will hold a meeting “of special importance”, next Monday, according to experts who follow market events, who exclude, especially in the current circumstance, any change in the organization’s policy.

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