Global oil prices settle at $53 for the first time since March

Global oil prices keep growing according to the results of e-commerce, Ria Novosty news agency reports.

Brent crude continued to rally as the US market opened on Monday, to trade above $53 a barrel for the first time since March 2020, the source said. WTI crude oil February futures increased by 2,01% to $49,5 per barrel.

The rise came on expectations that OPEC and allied producers may cap output at current levels in February at a meeting later in the day as the coronavirus pandemic keeps worries about first-half demand elevated.

It is noted that OPEC decided at a meeting last month to raise output by 500,000 barrels per day in January, anticipating a boost in demand, and agreed to meet every month to review production.

To note, one barrel equals 158,988 liters.