Oil prices rose for a third day as major oil producers Saudi Arabia and the United Arab Emirates seemed unlikely to boost production significantly, as political unrest in Libya and Ecuador heightened supply concerns.
West texas intermediate rose $ 1.8, or 1.6%, to $ 111.36 a barrel, while brent futures rose $ 1.9, or 1.7%, to $ 116.99.
The UAE is considered to be the only two OPEC countries with surplus capacity to make up for Russian oil and low production rates from other member states.
The energy minister of the United Arab Emirates, Suhail al-Mazrouei, said on Monday that the UAE is producing almost at its maximum capacity based on its quota of 3.168 million barrels per day under the OPEC + agreement.
His comments confirmed statements by French President Macron that US President Biden was on the sidelines of the G7 summit, that the UAE was producing at full capacity and that Saudi Arabia could increase production by just 150,000 barrels a day. .
Analysts also warned that political unrest in Ecuador and Libya could further boost supply.