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Why Oil Prices Jumped

Following a 5-percent plunge on Friday, oil prices recovered early on Monday, rising by more than 2 percent as reports emerged that OPEC and its allies may discuss and even agree to deepen their production cuts to rebalance the market and support prices.

At 10:46 a.m. EST on Monday, WTI Crude was up 1.54 percent at US$56.02, and Brent Crude was trading up 1.26 percent at US$61.25, after prices had plunged on Friday on rumors that the cartel and its Russia-led partners in the OPEC+ coalition were unwilling to deepen the current cuts.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.