Oil prices rose early on Monday, extending gains from Friday, with WTI crude up by 2.98% at $96.04 and Brent crude trading at $104, up by 2.98% on the day. Some OPEC+ producers have signaled support for new production restrictions. OPEC+ meets on September 5 at a regular meeting, but it’s not a given yet that it would discuss new production cuts. Another supply concern came from Libya as clashes between rival factions in Tripoli left at least 32 dead and dozens more wounded, stoking renewed concern of a larger military conflict that could choke Libya’s oil exports, again.
- Oil Prices Hit $104 On New Supply Scare