Oil prices rose on Monday after US President Joe Biden left the Middle East negotiations without a deal to increase supply, The Guardian reports.
Biden hoped to get a promise from Saudi Arabia to increase its oil production, which could reduce global supply pressures, Mediafax reports.
But Brent crude rose 2.6 percent to $ 103.88 on Monday after Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud stifled speculation about rising production.
He said officials at a US-Arab summit on Saturday did not discuss oil and that OPEC + (Organization of the Petroleum Exporting Countries) nations will continue to assess market conditions.
"The message is that OPEC + is the one making the decision to supply oil, and the organization is far from interested in what Biden is trying to achieve," said Naeem Aslam, chief market analyst at Avatrade.
"Opec + will continue to control the oil supply and not a single country can determine the oil supply - at least that is the message that traders sent from Biden's visit to Saudi Arabia.
Rising oil prices will keep up the pressure on pumps, where drivers have faced record prices for petrol and diesel. Prices are so high that the government has asked the Competition and Markets Authority to study the market, and its initial findings have raised concerns about refining margins.
However, Brent crude oil prices fell from a high of about $ 130 in March in the first weeks of the Ukrainian war.
The price of oil was at its lowest level last week for the fifth consecutive week. Concerns about the potential for a global recession have led investors to leave commodity markets.
The price of copper - known as Dr Copper because it is considered a barometer for the health of the world economy - has fallen by 25% from a record high in March.
Energy traders are also closely monitoring gas prices amid a supply crisis in Europe.
Countries are struggling to stock up on gas supplies if Russia disrupts supplies, including through the Nord Stream 1 pipeline, which is closed for maintenance.
Ineos Chemicals Group, one of Europe's largest gas users, led by billionaire Jim Ratcliffe, has reiterated statements by Shell CEO Ben van Beurden that rationalization could be introduced this winter.
"It looks pretty awful for this winter now, if we get to the targets we need for storage," Brian Gilvary, Ineos' chief executive, told Bloomberg Television.
"If Nord Stream 1 is not put back into operation, it is an inevitable scenario. Rationalization will certainly be imposed in Europe, "he said.
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