WTI crude falls 1% ahead of OPEC report

15/07/2021 Argaam

Oil prices declined on Thursday ahead of OPEC’s monthly oil report and after it was reported that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise over the OPEC+ oil supply deal.

 

The international benchmark Brent crude was trading down 0.9% at $74.11 per barrel, at 9.05 am Makkah time.

 

WTI crude fell 1% to $72.38 per barrel.

 

“It seems OPEC+ will shortly have a plan to raise output and that is welcomed news as surging demand had oil market getting too tight,” Reuters reported, citing Edward Moya, OANDA analyst.

 

Meanwhile, US crude oil stockpiles fell for the eighth straight week last week, the Energy Information Administration (EIA) data showed.

 

Crude inventories fell by 7.9 million barrels in the week to July 9.

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.

Most Read