ISLAMABAD
\nOil prices rallied above $86 a barrel on Monday, extending multi-year gains after Saudi Arabia urged the OPEC to stick to a cautious approach to raising global output.
\nAt 1310 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.92 (+1.08 percent) to reach $86.45 a barrel, its highest level since October 2018. Similarly, the US West Texas Intermediate (WTI) reached $85.09 a barrel, up by $1.33 (+1.59 percent), its highest level since 2014.
\nThe price for Opec Basket was recorded at $83.36 a barrel with a 0.07 percent increase, Arab Light was available at $84.25 a barrel with a 2.15 percent increase, while the price of Russian Sokol jumped to $86.92 after gaining 1.96 percent.
\nThe rally comes after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman advised producers not to take the rise in oil prices as a constant, noting that while the situation around the Covid-19 pandemic remains unpredictable, oil demand could soon fall. \u201cWe are not yet out of the woods. We need to be careful. The crisis is contained but is not necessarily over,\u201d bin Salman told Bloomberg TV on Saturday.
\nAnother OPEC+ member, Nigeria, followed suit, suggesting that the 23-nation cartel must resist pressure to boost oil production until the pandemic backs down. Similar comments also came from Azerbaijan.
\nOil prices have more than doubled over the past year as the global economy struggles to recover from the pandemic-induced crisis. While energy consumption has surged and storage has run low, OPEC+ decided earlier this year to raise its monthly crude production by 400,000 barrels. Despite repeated calls to boost output further, the oil alliance has so far resisted pressure to do so. The group is next scheduled to meet on November 4.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Oil prices rallied above $86 a barrel on Monday, extending multi-year gains after Saudi Arabia urged the OPEC to stick to a cautious approach to raising global output. At 1310 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.92 (+1.08 percent) to reach $86.45 a barrel, its highest level […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-223549","post","type-post","status-publish","format-standard","category-sports"],"yoast_head":"\n