Brent Crude trades above $83.5/bbl

Brent crude futures gained above $83.5 per barrel on Monday, as OPEC+ kept its reins on oil supply despite calls for increased output, with State-owned Saudi Aramco raising its December official selling price for Arab light crude to $2.7 a barrel, up by $1.4 from this month.

The cartel’s continued supply curbs have resulted to at least a 60% rise in oil prices since the start of the year.

President Biden also said on Saturday that the US has “other tools” in dealing with high oil prices, as traders weighed the odds that the US Strategic Petroleum Reserve may release crude to increase supply.

Elsewhere, China’s oil imports for October fell to its lowest in three years as state-owned refiners withheld purchases due to rising prices while independent refiners were limited by import quotas.

Source: Trading Economics