Oil prices jumped more than 2 percent to a four-year high on Monday after Organisation Petroleum Exporting Countries (Opec) declined to announce an immediate increase in production despite calls by US President Donald Trump for action to raise global supply.
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Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 percent, before easing back to around $80.65 by 1000 GMT.
Opec and its allies are set to meet in Algeria on Sunday and said it expects high crude demand for the month of October. The additional output will be demand driven and not be influenced by prices, Opec added.
“Many people in the oil markets were perhaps expecting an Opec decision on supply today (Monday) and I think they just misread what this meeting was all about," said Reza Amanat of Argus Media.
The meeting was just a ministerial monitoring which looks over compliance levels and tries to gauge whether their current strategy is working or not, Amanat said.