HOUSTON: Brent and US crude futures climbed more than 2.5 per cent on Monday as further supply cuts in Opec+ production are expected to be anno­unced following a meeting of member countries early next week.

Brent crude futures were up $2.19 to $82.80 a barrel by 12:15pm CST (1815 GMT). US West Texas Intermediate crude was up $2.13, or 2.81pc, at $78.02. The front-month December WTI contract expires later on Monday. The more active January futures gained $2.39 to $78.34, up 3.02pc.

Both contracts settled 4pc higher on Friday after three Opec+ sources told Reuters that the producer group is set to consider whether to make additional supply cuts when it meets on Nov 26.

Published in Dawn, November 21st, 2023