Oil prices climb amid U.S. inventory data, OPEC+ decision

June 03, 2022: Oil prices advanced on Thursday as traders digested U.S. fuel stockpiles data and OPEC+'s latest decision on output.

The West Texas Intermediate for July delivery added 1.61 U.S. dollars, or 1.4 percent, to settle at 116.87 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 1.32 dollars, or 1.1 percent, to close at 117.61 dollars a barrel on the London ICE Futures Exchange.

The rally came despite a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to boost output by a larger amount in July.

The group on Thursday agreed to increase oil production by 648,000 barrels per day (b/d) in July, higher than its previous monthly increases of 432,000 b/d.

Meanwhile, prices garnered support from a larger-than-expected drop in U.S. crude stocks.

Xinhua/APP