Oil prices rose globally on Monday after Saudi Arabia announced plans to extend production restrictions, the most important of which were restrictions on China.
The International Energy Organization (IEA) reports that OPEC and Russia are leading oil production restrictions, which are being implemented from 2017 to 2019 in order to reduce the gap between the volume of oil supply and global demand.
While global investors are apprehensive of a US-China trade war, rising oil prices are challenging global equity markets, while gold has risen to a two-week high.
Last week, US President Donald Trump signed a memorandum aimed at imposing trade restrictions on China and asked the US Trade Representative, in a 15-day period, to present a list of Chinese goods covered by tax increases.
US WTI futures rose to $ 66.96 a barrel, while Brent crude futures rose 0.9 percent to $ 71.86 a barrel.