Oil prices posted solid gains on Monday as major oil producers declined to commit to an additional increase in crude output to address expected supply disruptions over the weekend, Xinhua reports.
The 10th Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Algiers wrapped up on Sunday by maintaining the current oil output level, amid calls from the U.S. to raise oil production in a bid to curb mounting prices.
"There is no agreement to raise production, and oil prices at 80 U.S. dollars per barrel would be better off for both producers and consumers," said Saudi Arabia's Energy Minister Khalid al-Falih.
Analysts said the current bout of upward buying pressures probably will persist through to the end of the year amid looming U.S. sanctions on Iranian oil exports.
The West Texas Intermediate for November delivery rose 1.30 U.S. dollars to settle at 72.08 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 2.40 dollars to 81.20 dollars a barrel on the London ICE Futures Exchange.