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Brent crude futures were up 36 cents, or 0.7%, at $55.40 a barrel while US West Texas Intermediate (WTI) gained 24 cents, or 0.5%, to $52.44. Both benchmarks gained nearly 8% in January.
Brent crude was up 76 cents, or 1.2%, at $61.67 a barrel by 01:04 GMT while US oil rose 74 cents, or 1.3%, to $59.98 a barrel, having fallen 0.4% last week.
The summit agreement sets out a "solid roadmap to keep on working on the topic of energy prices", European Commission president Ursula von der Leyen said while addressing a press conference here on Friday.
The UAE has announced a slight increase in fuel prices during the month of July, according to the new petrol and diesel prices announced on Tuesday by the UAE fuel price committee.
Abu Dhabi National Oil Company (Adnoc) on Tuesday announced that Reliance Industries Limited (Reliance), has signed an agreement to join a new world-scale chlor-alkali,
Opec sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery.
The aim of the price cap on oil exports was to "stop an important source of financing for the war of aggression and contain the rise in global energy prices," German's finance minister said.
Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have signed an agreement to construct the utilities facility for TA’ZIZ, the new world-scale chemicals production hub
The Opec and allied producing countries have confirmed plans to restore 2.1 million barrels of crude per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries
The global oil demand remains resilient and points at signs for optimism but we still need to focus on costs, said Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company