Jeddah, July 20 (UNI) The price of crude oil rose on Monday after US President Joe Biden came away from talks in the Middle East without an agreement on raising supply, The Guardian reported.
Biden had hoped to secure a promise from Saudi Arabia to increase its output of oil, which could lead to an easing of global supply pressures. But Brent crude rose 2.6 percent to $103.88 on Monday after Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan Al Saud, quelled speculation over an output increase, The Guardian reported.
He said that officials at the US-Arab summit on Saturday did not discuss oil and that the Opec+ oil cartel nations would continue to assess market conditions.
Naeem Aslam, the chief market analyst at Avatrade, said: “The message is that it is Opec+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve.
“Opec+ will continue to control oil supply, and one country alone cannot determine the oil supply – at least that is the message that traders have taken from Biden’s visit to Saudi Arabia.”
The increase in oil price will keep up the pressure at the pumps, where drivers have faced record petrol and diesel prices.
