Oil climbs to $103 a barrel
Oil prices rose on Monday, with Brent crude reaching $103.06 per barrel and West Texas Intermediate at $91.57. The increase was driven by higher demand and Saudi Arabia's pricing moves for November. Saudi Arabia, the largest oil exporter in the Middle East, decided to cut its prices to Asia by five dollars per barrel, the largest discount since June 2020. Meanwhile, prices to Europe were raised by three dollars, while prices in the United States remained unchanged. The document revealed that the primary reason for the cut was to maintain market share amid rising shipping costs, as OPEC+ kept oil production unchanged in November.
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