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Oil Closes Higher with Brent Above $75.5 a Barrel

M. Ali 24 June, 2021 11:18 pm Commodities, Market Update

Oil prices finished higher on Thursday, as markets anticipate the upcoming OPEC+ meeting that comes amid a surge in prices due to expectations for stronger demand during the second half of the year, as the global economy is recovering from the coronavirus crisis.

Brent crude futures for August delivery rose for the second consecutive session, adding 37 cents, or 0.49%, to close at $75.56 per barrel.

This marked a fresh high for the global benchmark’s front-month contracts since the end of October 2018.

Meanwhile, the West Texas Intermediate (WTI) futures for August delivery gained 22 cents, or 0.30%, and finished at $73.30 per barrel.

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