Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains.
Brent crude futures gained 13 cents, or 0.2%, to $85.25 a barrel by 2356 GMT, while U.S. West Texas Intermediate crude was at $80.84 a barrel, up 14 cents, or 0.2%.
Both contracts rose for a third straight week last week, returning to levels last seen in November, after the Organization of the Petroleum Exporting Countries and their allies surprised investors by announcing moreThe group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers.to term customers in Asia and the United States.northern oil exportsFurther supporting prices, the number of U.S.
Despite expectations that the Federal Reserve could slow down rate hikes because of the recent banking crisis, borrowing costs could still climb if inflation remains strong, analysts said. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.
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