JEDDAH:  After US President Joe Biden left negotiations in the Middle East without reaching an agreement to increase supply, the price of crude oil increased on Monday.

Biden had wanted to convince Saudi Arabia to commit to increasing its oil production, which might relieve supply pressures around the world.

Brent crude increased 2.6% to $103.88 on Monday after Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al Saud, put an end to rumours of an increase in production, according to The Guardian.
Officials did not discuss oil at the US-Arab summit on Saturday, and the Opec+ oil cartel countries would continue to monitor market developments.

The message is that Opec+ is the organisation that decides how much oil will be supplied, and the cartel has little interest in what Vice President Biden is attempting to accomplish, said Naeem Aslam, chief market analyst at Avatrade.

At least that is the message that traders have gotten from Biden's visit to Saudi Arabia: "Opec+ will continue to manage the oil supply, and one country alone cannot dictate the oil supply." As a result of the rising cost of oil, drivers will continue to pay record-high prices for gasoline and diesel at the pump.

Brent crude prices, however, have declined since reaching a high of over USD 130 per barrel in March, during the first few weeks of the conflict in Ukraine. For the sixth week in a row, oil prices declined last week. Investors have fled commodity markets due to worries about a possible global recession, as per reports.

WTI Oil Drops 5-month low as Recession Fears Overwhelm Markets

FOREX-Euro reaches a one-week high on Fed rate hike expectations

US inflation reaches a 40-year high in June, 9.1 pc in June