Oil prices rise to $100 amid expectations of production cuts

Crude oil prices rose in the morning trading on Monday, towards $100 per barrel of Brent, amid expectations that the “OPEC” alliance will cut production to enhance price stability.

The alliance believes that the uncertainty in the global oil market and sharp price fluctuations come in light of abnormal conditions witnessed by the global economy, at the forefront of fears of recession, which calls for production control.

And last week, several countries in the “OPEC” alliance supported Saudi statements regarding the possibility of reducing oil production as one of the tools to enhance market stability.

In Monday morning trading, Brent crude futures prices for November delivery rose 0.85 percent, or 79 cents, to $100.01 a barrel.

The prices of US West Texas Intermediate crude futures for October delivery also rose 0.77 percent, or 72 cents, to $93.78 a barrel.