Oil rises over 2.2%, Brent above $79/barrel

11/07/2023 Argaam

Oil rises, Brent above $78 a barrel

Oil drilling rigs

Oil prices rose today, July 11, amid forecasts for a decline in Russia's crude and an increase in Chinese demand.

 

Brent futures for September delivery rose 2.2%, or $1.71, to close at $79.40 a barrel.

 

West Texas Intermediate (WTI) crude for August delivery increased 2.5%, or $1.84, to $74.83 a barrel.

 

The Energy Information Administration said OPEC's decision to extend oil production cuts until 2024 and Saudi Arabia's extension of its voluntary cuts until August will lead to a decline in oil supplies in the near term, as global oil stocks are expected to decline during the next five quarters.

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