Oil prices rise nearly 2%, recovers some of last week's 7% decline
Oil prices settled nearly 2% higher on Monday, recouping some of last week's more than 7% decline, with no letup of fighting in the Middle East and expected Israeli retaliation on Iran worrying markets about supply from the region.
WTI futures traded around $69.97 per barrel, as of 9 a.m. ET. That’s an increase of 0.27% in the last 24 hours.
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Weakness in oil prices and expectations that output will rise next year means companies are pulling back on drilling.
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