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Oil Futures: Brent crude futures climbed 11 cents, or 0.1 per cent, to USD 80.72 a barrel by 0012 GMT while US West Texas Intermediate crude was at USD 75.97 a barrel, up 8 cents. The front-month December contract expires later on Monday while the more active January futures gained 13 cents, or 0.2 per cent, at USD 76.17 a barrel.
Oil prices continued to climb at the start of the week amid mounting expectations that OPEC+ will deepen its voluntary production cuts.
Oil Prices: OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now, it includes 13 countries, which are mainly from the Middle East and Africa. They produce around 30% of the world's oil.
The United Arab Emirates could raise its oil production next year as it has secured a higher quota under the OPEC+ agreement.
ALBAWABA – As oil prices have fallen 20 percent since late September, OPEC+ is considering more oil cuts to be decided at the next OPEC+ meeting this mo