Oil prices add to gains on supply shortage concerns

Oil prices rose in European trade for another session on global supply shortage concerns as OPEC production decreases and amid sanctions on Russia.

Prices are also boosted by a decline in dollar against major rivals, improving demand on commodities and minerals. 

Global Prices

US crude prices rose over 1.5% to $110.16 a barrel, while Brent rose 1.9% to $113.67 a barrel.

US crude rose 2.4% on Friday, while Brent added 2%, the first profit in three sessions. 

Global Supplies

A Reuters survey revealed OPEC production fell by 100 thousand bpd in June to 28.52 million bpd, far from the promised increase of 275 thousand bpd.

Libyan output fell by nearly 865 thousand bpd last week to nearly 409 thousand bpd amid conflict with rebels.

The Dollar

The dollar index fell 0.3% on Monday off two-week highs at 105.64 against a basket of major rivals.