Oil Price Nears $44

Oil prices have neared $44, on the back of hopes that the Organisation of the Petroleum Exporting Countries+ production cuts will increase amid the coronavirus pandemic to sustain price pressure.

Anadolu Agency reports that Brent crude was trading at $43.30 per barrel at 7:38 am on Monday with a 1.22 per cent increase after closing Friday at $42.78 a barrel.

Similarly, West Texas Intermediate traded at $40.73 per barrel, recording for a 1.49 per cent increase after ending the previous session at $40.13 a barrel.

Oil markets began the week on an optimistic upswing, with hopes that OPEC+ will keep the current production cuts, as global demand remains week amid increasing coronavirus cases.