Brent crude rose $3.20, or 4.6%, to settle at $73.08 a barrel. U.S. West Texas Intermediate crude rose $3.23, or 4.9%, to settle at $69.49 a barrel. Iraq’s Oil Minister expects oil prices to reach over $75 and added that OPEC is trying to “positively contain” the energy market. Parallely, Saudi Arabia raised official selling prices for all crude grades sold to Asia and the United States. This follows the latest vote of the OPEC+ group in favor of continuing increasing monthly supply by 400,000 barrels per day (bpd) in January. Oil was also buoyed by diminishing prospects of a rise in Iranian oil exports after indirect U.S.-Iranian talks on saving the 2015 Iran nuclear deal broke off last week.
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