Oil gains more than one dollar after Saudi Arabia raises its prices
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Oil prices rose by more than one dollar a barrel, on Monday, after Saudi Arabia, the largest oil exporter, raised the prices of its crude sold to Asia and the United States.
Brent crude futures for February rose $1.39, or 2.03 percent, to $71.30 a barrel by 05:10 GMT, while US West Texas Intermediate crude for January reached $67.66 a barrel, up $1.42, or 2.14 percent.
Saudi Arabia on Sunday raised January official selling prices for all grades of crude sold to Asia and the United States by up to 80 cents from the previous month.
The price increases were implemented despite a decision last week by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, the group known as OPEC+, to continue increasing supplies by 400,000 barrels per day in January.
Prices were also boosted by diminished prospects for an increase in Iranian oil exports after the indirect US-Iranian talks on saving the 2015 Iran nuclear deal stalled last week.
Both benchmarks rebounded after falling last week for the sixth consecutive week for the first time since November 2018 on concerns that the new alternative to the Corona virus could affect global economic growth and increase demand.