Oil prices rose after OPEC and its allies agreed to commit to a cautious return to oil supplies to the market in June and July, with expectations of a strong recovery in demand in the United States and China, the world’s largest oil consumers.<\/p>\n\n\n\n
US West Texas Intermediate crude rose 18 cents, or 0.27%, to about 68 dollars during the session, extending gains after a 2.1% increase the day after the holiday in the United States was on Monday.<\/p>\n\n\n\n
Prices are at their highest level since October 2018.<\/p>\n\n\n\n
Brent crude futures also rose 22 cents, or 0.31%, to more than $70 a barrel, adding to a 1.3 percent rise overnight, when it hit its highest level since March 8.<\/p>\n\n\n\n
On Tuesday, OPEC+ agreed to keep the current plan to gradually ease restrictions on oil production until the end of July.<\/p>\n\n\n\n
The statements of Saudi Energy Minister Prince Abdulaziz bin Salman after the meeting supported the market, as he said that he notes a strong <\/p>\n\n\n\n
recovery of demand in the United States and China and that the pace of the vaccination campaign would only lead to more balance in the global oil market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose after OPEC and its allies agreed to commit to a cautious return to oil supplies to the market in June and July, with expectations of a strong recovery in demand in the United States and China, the world’s largest oil consumers. US West Texas Intermediate crude rose 18 cents, or 0.27%, to …<\/p>\n","protected":false},"author":9,"featured_media":44870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846,6876],"class_list":["post-46443","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-opec"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=46443"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46443\/revisions"}],"predecessor-version":[{"id":46444,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46443\/revisions\/46444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/44870"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=46443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=46443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=46443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}