Oil prices rise more than 4% on prospect of OPEC+ supply cuts
[Oil prices in Asian markets mixed in the morning session 29/8]
This session, the rally in oil prices was limited as the dollar reached a 20-year high after the US Federal Reserve (Fed) signaled that interest rates will continue to rise for a longer time to curb inflation.
Tina Teng, an analyst at CMC Markets, said that although a strong dollar has limited the rally in oil prices, the problem of insufficient supply and demand in the market is likely to continue to support the bullish trend for “black gold”.
Crude prices have risen sharply this year, with Brent near a record high of $147 a barrel in March as the Russia-Ukraine conflict exacerbated supply concerns.
In the 29/8 session, world oil prices rose more than 4% on the possibility of producers cutting output and conflict in Libya.
