Global oil prices rose by more than a dollar a barrel, continuing their gains this week, while investors awaited the movements of OPEC producers to adjust production and support prices during a meeting later today.

This comes after a sharp drop last week; a drop that witnessed the Omani Riyal drop by US$6.89 and US$1.45 per barrel in two days, respectively.

As per the latest data, Brent crude futures rose by US$1.43, or 1.5 per cent, to hit US$94.45 per barrel after registering a 0.7 per cent gain last Friday.

Meanwhile, US West Texas Intermediate crude also rose by US$1.25, or 1.4 per cent, to reach US$88.12 per barrel after rising by 0.3 per cent in the previous trading session.

It must be noted that oil prices have declined – or steadied – in the past three months in a row, after touching their highest levels in several years in March.

This comes from fears that raising interest rates and COVID-19 restrictions in several regions of China – which is the world’s largest importer of crude oil – will slow global economic growth and reduce demand for oil.