Oil Prices Rise Ahead of OPEC+ Decision to Cut Supplies

Oil prices rose on Thursday, July 1, buoyed by falling US inventories, as investors awaited a decision from major producers on whether to maintain or ease supply cuts in the second half of the year.

Brent crude for September delivery gained 15 cents, or 0.2%, to $74.77 a barrel, while US West Texas Intermediate crude for August delivery reached $73.69 a barrel, up 22 cents, or 0.3%.

WTI rose more than 10% in June, while Brent added more than 8%, touching its highest levels since October 2018, as more people receive the vaccine against Covid-19 and travel improves in the summer.