oil prices

Energy prices have hit multi-year highs in recent days, with oil above $80 a barrel, weighing on households.

The recent decision by OPEC and other major producers not to ramp up output has further strained global supplies.

President Joe Biden's administration says it is ready to return to the 2015 deal and lift sanctions but negotiations have stalemated.

The price of crude oil, which is subject to many other factors, has risen following the surge in gas prices, but not as sharply.

Oil prices rose further following last week's gains

Fears about the much more contagious variant have rattled world markets as it forces some governments to reimpose containment measures

US stocks had dropped the last two sessions, with analysts pointing to a weak retail sales report amid the Delta variant

World central bankers will meet later this month at an annual conference in Jackson Hole, Wyoming

Crude prices rallied on Tuesday, with some analysts saying the worries over the hit to demand from the Delta variant have been overstated.

Oil prices were down by more than two percent on Monday.

China has also been confronted with a worsening resurgence of Covid-19.

The April 2022 deadline on capping output now seems too close, and some members want to extend it until December 2022

OPEC said its meeting would reconvene on Monday at the cartel's Vienna headquarters.

Since April 2020, millions of barrels of crude oil have intentionally been left untapped

Investors were rattled last week when the Fed moved up its forecasts for raising interest rates, while still arguing that consumer price increases were transient.

Stocks prices of oil companies and airlines, which could lose the crucial summer travel season in Europe if cases continue to rise, suffered.

Members of the oil cartel OPEC and their partners agreed Tuesday to raise output slightly in February and March.

Crude oil prices have picked up by 25 percent since the beginning of the month and have returned to roughly their pre-pandemic levels.

Shutdowns also dampen demand for oil, which saw prices tumble more than 5 percent.

The optimism on trading floors was shattered when Federal Reserve boss Jerome Powell signalled the world's top economy would take some time to bounce back.

The easing of restrictions was providing a much-needed boost to oil markets.

Officials warned that a return to normal would take time as overseas demand for exports remained limited.

Oil markets have been ravaged this year after the pandemic was compounded by a price war between Saudi Arabia and Russia.

Investors are keeping an eye on Washington, where Congress and the White House are working towards a $450 billion economic relief plan.

After a Sunday videoconference, the top producers agreed to slash daily production by 9.7 million barrels from May.

The rally followed months of slumping prices after the COVID-19 outbreak sapped demand as countries around the world are under lockdown.

Attention this week will be on a planned meeting of OPEC and other key crude producers.

On currency markets the dollar fell back against high-yielding, riskier units after surging Monday.

The explosions come just weeks after two of Saudi Arabia's biggest oil installations were hit

Situation becomes more volatile as Trump awaits definitive information on who is responsible behind attacks.