Oil prices open higher as supply concerns persist

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Crude oil prices opened at the beginning of the week’s trading on Monday with a rise amid continuing fears of fluctuating supplies towards consumer markets.

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The rise in prices also comes after a significant decline during last week’s session, with the United States and the International Energy Agency announcing the decision to withdraw from the oil reserves of member states to curb prices.

By 09:10 (GMT), the price of Brent crude futures for June delivery rose 0.78 percent, or 83 cents, to $ 105.8 a barrel.

The prices of US West Texas Intermediate crude futures for May delivery also rose 0.80 percent, or 79 cents, to $100.04 a barrel.

Oil prices fell last week by more than 10 percent after Washington announced the withdrawal of 180 million barrels from its strategic reserves during the next six months and pumped them into local markets.

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While the International Energy Agency said that 30 member states had approved a plan to withdraw from their strategic oil reserves with the aim of curbing prices.