Global oil prices rose on June 7 morning, as investors are assessing the prospects for a recovery in demand in China amid the easing of quarantine, Report informs.
Prices are also buoyed by fears that OPEC+ won’t be able to increase production according to the new plan.
The price of August futures for Brent crude rose by 0.64%, to $120.28 per barrel, and July futures for WTI went up by 0.71%, settling at $119.34.
Meanwhile, traders continue to evaluate the OPEC+ decision on the deal. At a meeting in early June, the alliance decided to increase oil production in July and August by 648,000 barrels per day instead of the planned 432,000 barrels per day. At the same time, OPEC+ explained its decision by the need to meet the growing demand for oil in the world, and not by a decrease in production in Russia due to sanctions.
Subscribe to our Twitter page
