The cost of August Brent crude oil futures on the London ICE Futures exchange by 8:15 a.m. in Kyiv on Friday, June 19, amounted to $41.85 per barrel, which is $0.34 (0.82%) higher than the closing price of the previous session. It is reported by Interfax.
Futures for WTI crude oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time rose in price by $0.32 (0.82%) to $39.16 per barrel.
Following the meeting on Thursday, June 18, the OPEC+ Monitoring Committee emphasized the importance of clearly fulfilling obligations to limit production as part of a deal concluded in early April, and also took a number of measures to force countries that do not fully comply with the terms of the transaction to compensate for unfulfilled obligations.
At a committee meeting on Thursday, Iraq and Kazakhstan presented plans to compensate for unfulfilled commitments to reduce oil production. The remaining countries must submit their plans by June 22.
“Now Saudi Arabia and Russia have persuaded Iraq and Kazakhstan to reduce production more than the deal requires, we will see how its overall performance will reach 100% in the next few weeks,” commented Phil Flynn, an analyst with Price Futures Group.
Recall that at the beginning of this week, the price of Brent fell below $38 per barrel amid rising coronavirus infections in the US and China and the possibility of a second wave of the epidemic.
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