Oil prices recorded a slight increase at the beginning of Monday’s trading, continuing their gains that exceeded 2% since Friday, amid investors awaiting developments that may affect global oil supplies.
Brent crude futures rose 8 cents to $ 70.44 a barrel, after 2.51% gains on Friday. US West Texas Intermediate crude futures increased 5 cents to $ 68.50 a barrel, after an increase of 2.82% in the previous session.
The International Energy Agency indicated that the global oil market may witness a scarcity of supplies, supported by increased operation of refineries during the peak of summer to meet travel and energy generation needs.
On the other hand, investors are awaiting Chinese commodity trade data today to evaluate demand, as well as developments that may affect global economic growth and fuel demand.
