Open Demo Account
Home / Market Update / Commodities / Oil Surges Despite OPEC Delayed Decision on Output Policy
Oil and Gas oil (
Oil and Gas

Oil Surges Despite OPEC Delayed Decision on Output Policy

M. Ali 1 July, 2021 11:37 pm Commodities, Market Update

Oil prices surged on Thursday, amid anticipation for the outcomes of the OPEC+ ministerial meeting, which is expected to announce tomorrow its decision on output policy for August and beyond.

The decision has now been delayed twice from Wednesday to Friday, amid discussion about easing production cuts by about 400,000 barrels a day, to raise output by about 2 million b/d between August and December.

Brent crude futures for September delivery added $1.22, or 1.6%, to close at $75.84 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for August delivery gained $1.76, or 2.4%, to finish at $75.23 per barrel.

Earlier today, both the global and U.S. benchmarks rose by about $2 to new high levels not seen since October 2018.

Tags

Check Also

AUD Plummets to Five-Year Low as China’s Tariff Bombshell Rocks Global Markets

In a dramatic twist of global economic fortunes, the Australian dollar has crashed to its …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends