Oil prices rose on Monday, boosted by the start of Saudi Arabia’s production cut of 1 million barrels per day (bpd) and with positive reports on the new coronavirus vaccines.
International benchmark Brent crude was trading at $55.38 per barrel at 0654 GMT for a 0.65% rise after closing the previous session at $55.02 a barrel.
American benchmark West Texas Intermediate (WTI) was at $52.41 per barrel at the same time for a 0.40% increase after ending the previous session at $52.20 a barrel.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.