Oil prices are holding steady on Monday morning – but are at least comfortably above $30 a barrel. Brent crude, the global benchmark, was flat at $32.18 a barrel on Monday, having closed up 10 per cent at the same level on Friday. West Texas Intermediate was also flat at $32.15.
Prices zoomed upwards on Friday, in part due to an approaching snowstorm in the US which hit over the weekend. Cities along the east coast of the US are dealing with that has claimed 19 lives and delayed thousands of flights.
Also adding some support were describing the collapse in oil prices to below $30 as “irrational.” Khalid al-Falih, chairman of state oil company Saudi Aramco, told the World Economic Forum in Davos last week that current prices could not last.
