Oil prices stable ahead of OPEC+ decision

05/07/2021 Argaam

Oil rigs

Crude oil prices were stable on Monday as investors awaited OPEC+ decision on supply policy, after the announcement was postponed last week due to divided opinions.

 

The international benchmark Brent crude was trading at $76.23 per barrel, at 9.05 am Makkah time.

 

WTI crude was trading at $75.20 per barrel.

 

According to media reports, the group is considering increasing oil production by 400,000 barrels per day, starting August until December.

 

In the US, the number of oil and gas rigs rose by five to 475 in the week to July 2, the highest since April 2020, according to Baker Hughes data.

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