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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.

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