Global oil prices rise after Biden returns from Saudi Arabia

Oil prices rose on Monday morning by several percentage points, after US President Joe Biden returned from a trip to Saudi Arabia over the weekend without a firm pledge from Gulf oil producers to boost supplies.

The price for Brent crude, the global benchmark for oil, rose more than four percent to $105 per barrel on Monday morning, pushing the price back to above $100 where it has stayed for nearly half of this year.

Biden's visit to Saudi Arabia, where he met leaders of several Opec countries and other regional leaders in a summit in Jeddah, had been viewed as an attempt to call on Riyadh to boost its oil production in order to reduce global crude prices. However, administration officials downplayed its oil demands ahead of the visit.

To know more: https://www.middleeasteye.net/news/global-oil-prices-rise-after-biden-returns-saudi-arabia

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