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[size=30]A recovery in the oil market ahead of a decision by Iraq and the producing countries
[ltr]2021.07.01 - 08:22[/ltr]
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[ltr]2021.07.01 - 08:22[/ltr]
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Oil prices rose on Thursday, as investors awaited a decision from major producers on whether to continue or ease supply cuts in the second half of the year.
Brent crude for September rose 10 cents to $74.72 a barrel by 05:08 GMT, while US West Texas Intermediate crude for August recorded $73.61 a barrel, up 14 cents.
WTI rose more than 10% in June while Brent crude added more than 8%, hitting its highest level since 2018, as summer travel picked up and more people got vaccinated. But renewed lockdowns in Asia amid the spread of the highly contagious COVID-19 virus are limiting demand.
And data from the Energy Information Administration showed, in response to rising demand, that US crude stocks fell last week for the sixth consecutive week.
Analysts expected the global supply deficit to widen in the second half as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, continued to cut production as demand rose.
OPEC + is working to ease supply cuts between May and July by 2.1 million barrels per day and will meet on Thursday to decide whether to keep production unchanged or boost production, perhaps by more than 1 million barrels per day or more than 0.5 million barrels per day.
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[You must be registered and logged in to see this link.]
Brent crude for September rose 10 cents to $74.72 a barrel by 05:08 GMT, while US West Texas Intermediate crude for August recorded $73.61 a barrel, up 14 cents.
WTI rose more than 10% in June while Brent crude added more than 8%, hitting its highest level since 2018, as summer travel picked up and more people got vaccinated. But renewed lockdowns in Asia amid the spread of the highly contagious COVID-19 virus are limiting demand.
And data from the Energy Information Administration showed, in response to rising demand, that US crude stocks fell last week for the sixth consecutive week.
Analysts expected the global supply deficit to widen in the second half as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, continued to cut production as demand rose.
OPEC + is working to ease supply cuts between May and July by 2.1 million barrels per day and will meet on Thursday to decide whether to keep production unchanged or boost production, perhaps by more than 1 million barrels per day or more than 0.5 million barrels per day.
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