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Saturday, January 11, 2025

Home Business Crude price rally ahead of OPEC+ meeting

Crude price rally ahead of OPEC+ meeting

by News desk
June 30, 2021
in Business

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Islamabad

Global prices for crude oil went up on Tuesday ahead of the OPEC+ meeting scheduled for on July1.

At 13:45 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 1.03 percent to reach $75.45 a barrel.

Similarly, the US West Texas Intermediate (WTI) reached $73.76, up 1.17 percent.

The price for Opec Basket was recorded at $74.19 a barrel with 0.13 percent increase, Arab Light was available at $74.04 a barrel with 1.37 percent de-crease, while the price of Russian Sokol reached $74.04 after shedding 1.61 percent.

According to analysts, crude prices climbed to their highest since October 2018 on expectations that demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the mar-ket from August.—Agencies