According to the quoted source, the surprising decision of Saudi Arabia comes after last week the OPEC + group (composed of the Organization of Petroleum Exporting States and other major producers) decided to increase production in July and August by 50% more than previously estimated, respectively by up to at 648,000 barrels per day per month.
Thus, around 03:43 GMT, the price of a barrel of Brent crude oil rose by $ 0.91, or 0.8%, to $ 120.63, after reaching even the level of 121 during the trading session. $ 95, up 1.8% from Friday, Agerpres reports.
US West Texas Intermediate (WTI) crude oil was also up $ 0.93, or 0.8%, to $ 119.80 after previously reaching $ 120.99, extending the 1 , 7% on Friday.
Saudi Arabia has raised the price of Arab Light crude oil in Asia by $ 6.50 compared to the average level of reference quotations in Oman and Dubai, the state-owned company Aramco announced on Sunday. This is the highest level since May, when the market was hit by fears of disrupting oil supplies from Russia.
“Oil producers are” hot iron “and rising fuel demand in the US over the summer and easing restrictions in China are likely to keep prices high,” said Avtar Sandu, director of Phillip Futures in Singapore.
If you like this article, we look forward to joining the community of readers on our Facebook page, with a Like below: