WTI hits $69.66 a barrel as oil prices go up


Oil prices edged up on Friday amid hopes of recovering economies around the globe.

At 1410 GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $69.66 a barrel after gaining 0.29 percent. Likewise, the US WTI crude futures gained 0.22 percent to reach $67 a barrel.

The price for Opec Basket was recorded at $67.47 a barrel with 0.09 percent increase, Arab Light was available at $69 a barrel with 1.58 percent increase while price of Russian Sokol increased 1.2 percent to reach $69 a barrel.

Meanwhile, the OPEC+ group is expected to confirm next week its May-July plan to ease the oil production cuts by the planned 840,000 barrels per day (bpd) in July.

The ministers of the OPEC+ group are meeting on Tuesday, June 1, and at present, no surprises are expected, despite this year’s track record of decisions surprising the market to both the bullish and bearish sides.—TLTP

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