Oil price rises after Joe Biden fails to secure Saudi output increase

Oil price rises after Joe Biden fails to secure Saudi output increase

The price of oil rose on Monday after the US president, Joe Biden, came away from talks in the Middle East without an agreement on raising supply.

Biden had hoped to secure a promise from Saudi Arabia to increase its output of oil, which could lead to an easing of global supply pressures.

But Brent crude rose 2.6% to $103.88 (£86.91) on Monday after Saudi Arabia’s foreign minister, Prince Faisal bin Farhan Al Saud, quelled speculation over an output increase.