Oil Continues Its Upward March to OPEC Drumbeat By Investing.com – Investing.com

Oil Continues Its Upward March to OPEC Drumbeat By Investing.com – Investing.com

© Reuters.

By Barani Krishnan

Investing.com - Oil prices continued their upward march on Monday to the drumbeat of OPEC and its allies, who indicated they were in no mood to let the market slide by adding any more barrels than the 400,000 per day they had agreed to in the near future.

“The group is clearly perfectly happy with (existing) price levels,” Craig Erlam, analyst at online trading group OANDA, said as crude prices hovered around $85 per barrel, almost double from where they traded a year ago. “This is clearly a very bullish market.”

U.S. settled up 46 cents, or 0.6%, at $84.05 per barrel.

London-traded , the global benchmark for oil, finished the session at $84.71, up 33 cents or 0.4%.

Crude prices initially fell on Monday on release of strategic stockpiles by China to cool domestic energy prices.

But by the close of the session in New York, they were back higher, following the rhythm of most of the 13-member countries and allies in the Organization of the Petroleum Exporting Countries that there should be no production hike than pre-agreed levels.

OPEC+ holds its regular monthly meeting on Thursday. 

While earlier in the year,