Oil & Gas

Oil price surges to $105 per barrel ahead of OPEC meeting

Oil price surges to $105 a barrel ahead of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies.

On Tuesday, Brent Crude futures settled up 7.35 percent to $105.66 a barrel, at 16.30 GMT+1.

West Texas Intermediate Crude futures proportionally gained 7.54 percent to $103.32 a barrel.

OPEC and its allies adopted a production cut system to prop up prices and prevent an oversupply in the global oil market

On Wednesday, OPEC+ will meet to discuss oil output for April amid the Russia-Ukraine conflict.

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