WASHINGTON (dpa-AFX) - Oil prices moved higher on Monday amid concerns about possible drop in supplies following reports about an Israeli strike near the Iranian embassy in Damascus.
Traders are continuing to weigh the impact of Ukrainian attacks on Russian refineries.
Data showing an expansion in Chinese manufacturing activity in March has raised optimism about a pick up in demand from the world's second largest economy.
Traders are also looking ahead to the joint ministerial meeting of the Organization of Petroleum Exporting Countries and its allies, collectivly known as OPEC+. The group, which is meeting on Wednesday, is expected to extend its production cuts through June, thus tightening supply.
West Texas Intermediate Crude oil futures for May ended higher by $0.54 or about 0.65% at $83.71 a barrel.
Brent crude futures settled at $87.42 a barrel, gaining $0.42 or about 0.48%.
According to reports, OPEC oil output fell in March, reflecting lower exports from Iraq and Nigeria.
The OPEC members pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from February, the survey by Reuters, based on shipping data and information from industry sources, found.
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