Oil closes 2% higher; WTI crude exceeds $83

Oil drilling rigs

 

Oil extended gains today, July 1, as OPEC+ policies to voluntarily cut oil production by 2.2 million barrels per day will remain in place until the end of September.

 

Brent crude for September delivery (the most active) rose by 1.9%, or $1.60, to $86.60 a barrel.

 

WTI crude for August delivery surged 2.25%, or $1.84, to record $83.38 per barrel.

 

According to S&P Global data, the Caixin Manufacturing Purchasing Managers' Index rose to 51.8 points in June from 51.7 points in May, the highest pace of growth in the sector since May 2021.

 

OPEC produced an average of 26.98 million barrels per day in June, or 80,000 barrels per day less than in May, Bloomberg survey showed. The decline was driven by a marginal fall in output from Iraq and Nigeria.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
75.17
0.13 0.18%
Nymex
71.28
1.14 1.62%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request