Oil prices were rising on Monday as US president Joe Biden failed to get an agreement with Opec to raise output, exacerbating concerns about tight supply.
The front-month contract for Brent crude North Sea oil was last seen up USD 1.22 at USD 102.38/bbl, while the WTI equivalent was USD 0.28 higher at USD 97.87/bbl.
Concerns about supply offset economic fears. Last week, oil fell below USD 95/bbl for the first time since Russia invaded Ukraine in late February, on unease about a global recession and ensuing demand cuts.
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