Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia and Russia.
International benchmark Brent crude traded at $85.45 per barrel at 10.28 a.m. local time (0728 GMT), a 0.77% rise from the closing price on Friday of $84.80 per barrel.
The American benchmark West Texas Intermediate (WTI) traded at the same time at $81.31 per barrel, up 0.81% from the session close of $80.66 per barrel.
Both benchmarks posted significant losses last week over fears of a slowdown in economic growth in China and the expectation of further interest rate hikes in the US.—AA
