The rise in oil prices, with investors balancing between reducing “OPEC Plus” production and fears of raising interest rates

Oil prices rose today, with market participants assessing the “OPEC Plus” decision to cut production, which would reduce supplies in the market, in exchange for concerns about raising interest rates, which is likely to harm demand.
Brent crude rose eight cents to $84.26 a barrel, while West Texas Intermediate crude rose 11 cents to $79.85 a barrel.
Investors are awaiting this week a set of reports about inflation, supply and demand in the oil market, which may determine the direction of the market.