At the beginning of the week, oil prices started to rise on the New York Mercantile Exchange and London’s ICE Futures exchange after reports that Libya and Nigeria may attend OPEC’s meeting with other major producers.
Last week, Brent price fell by more than $3 or 5% to $46.7 a barrel.
On Monday, Brent reversed to $46.8 a barrel after Kuwait's oil minister Essam Al-Marzouq said that Libya and Nigeria were invited to OPEC and non-OPEC nations’ meeting which will take place in Russia’s Saint Petersburg on July 24.
Libya and Nigeria had been exempted from the supply cut deal among major oil producers.
According to Kuwait’s oil minister, Libya and Nigeria will be asked to limit their increasing output, but it is too early to speak about the production cuts.
Earlier, OPEC Secretary General Mohammed Barkindo said that the group’s compliance with a deal to cut global output reached 106%. That is higher than May’s compliance rate, meaning that the producers have moved beyond their supply cut pledges.
