Global oil prices on Monday morning accelerated to 3 percent as investors assessed supply and demand side factors, trading data showed. Will crude oil prices rise tomorrow?

The price of November futures on Brent crude oil rose by 3.33%, to $96.12 per barrel. The price of October futures on WTI oil rose by 3.1%, to $89.56.

Oil prices accelerated to 3% Monday afternoon as investors assessed factors affecting both supply and demand for the commodity. One of them is rising gas prices, which may cause an increase in fuel demand.

Also, markets are waiting for the OPEC+ meeting, which is scheduled for Monday. Traders believe the alliance will probably decide on whether to reduce or increase oil production, mentioned earlier by the Saudi Arabian energy minister.

Are oil prices expected to rise?

According to UBS AG Zurich analyst Giovanni Staunovo, cited by Bloomberg, the prospect of increased demand for oil caused by a jump in natural gas prices is one factor driving oil prices. “The other is that some are probably expecting some action from OPEC+ later today,” he added.

We previously reported that major Norwegian gas companies expect to deliver record amounts of gas to Europe this year