Tighter Oil Markets Send Oil Prices Higher

Oil prices rose early on Monday, supported by a risk-on sentiment on the equity markets and expectations that the oil production curbs by OPEC+ and its leader Saudi Arabia would tighten the market in the first quarter. As of 10:05 a.m. ET on Monday, WTI Crude was up 0.63 percent at $52.45 and the international benchmark, Brent Crude, was rising by 0.80 percent at $55.48. After gaining around 8 percent in January, oil prices began the month of February with gains, too, buoyed by Saudi Arabia’s commitment to reduce its crude oil production…