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

MG News | June 03, 2022 at 02:11 PM GMT+05:00

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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

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KSE30	53,131.56 115.62M	-0.41% -216.11
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	63,750.00	64,810.00 62,680.00	-1215.00 -1.87%
BRENT CRUDE	84.08	88.06 82.52	-4.28 -4.84%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-0.50 -0.47%
ROTTERDAM COAL MONTHLY	120.00	0.00 0.00	0.25 0.21%
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CRUDE OIL - WTI	79.26	82.43 77.78	-3.35 -4.06%
SUGAR #11 WORLD	14.56	14.70 14.50	-0.02 -0.14%