Crude oil prices varied at the beginning of the weekly trading, today, Monday, within a narrow range, up and down, due to motivating factors and other pressures on the global energy market.
While the markets fear that the global economy will fall into a recession that will affect oil demand during the coming period, the market, on the other hand, is witnessing a weak supply due to the increase in demand in major economies.
And the demand for oil has shifted instead of gas in many economies as an alternative to generating electricity, amid falling supplies from Russia and expectations to stop pumping gas to Germany as of July 11 due to maintenance work on the Nord Stream 1 line.
By the time (06:34 GMT), the price of Brent crude futures for September delivery rose 0.50% to reach $112.20 a barrel.
Brent prices opened today's trading, down by 0.31%, after jumping 2.4% last Friday.
US West Texas Intermediate crude futures for August delivery also rose 0.48% to $108.95 a barrel, after rising 2.5% on Friday.
On Saturday, JPMorgan analysts warned that oil prices could jump to $380 a barrel if US and European sanctions push Russia into retaliatory cuts in crude production.
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Supply concerns remain, precluding a sharp drop in prices.
A Reuters survey showed that the production of the ten member states of the Organization of the Petroleum Exporting Countries (OPEC) in June fell by 100,000 barrels per day to 28.52 million, much less than the increase pledged by about 275,000.
The increase in production in Saudi Arabia, and other major producers, offset the decline in production in Nigeria and Libya, which are facing further declines in supplies due to the escalation of political turmoil.
"This makes it unlikely that the Organization (OPEC) will meet the newly increased production quotas," analysts at ANZ think tank said in a note.
In another blow to supplies, a planned strike by Norwegian oil and gas workers this week could cut the country's oil and condensate production by 130,000 barrels per day.