7/4, 2:11 PM (Source: TeleTrader)
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Oil prices rise on supply woes

Prices of oil futures increased on Monday, as investors seemingly continue to show concerns over the supply of crude. The West has been entertaining the idea of introducing a price cap on Russian oil, while Moscow asserted that there might be a disagreement on this matter among the Western countries.

Meanwhile, United States President Joe Biden is scheduled to meet with Saudi King Salman bin Abdulaziz Al Saud in order to discuss energy security issues during his visit to the Middle East. Biden previously stated that he will not be asking Saudi Arabia in specific to boost oil output, but will be requesting this from the entire Gulf alliance.

West Texas Intermediate (WTI) for settlements in August added 0.86% at 8:00 am ET, to sell for $109.34 per barrel. A minute later, Brent for September settlements gained 1.00% to go for $112.69 per barrel.

Baha Breaking News (BBN) / AY