Oil prices continue to rise

As of 8:10 am Moscow time, July futures for Brent crude on the London ICE Futures exchange were trading at $36.23 a barrel – this is $0.7 higher than the closing price of the previous session. It is reported by Economichna Pravda.

July WTI oil futures were trading at $34.39, an increase of $1.14.

As of 9:05 am in Kyiv, July WTI futures are trading at $34.49 per barrel, Brent oil futures at $36.28 per barrel.

The increase in prices was affected by a decrease in raw material production in the Russian Federation to a level that meets the terms of the OPEC+ deal.

The gradual lifting of quarantine restrictions in various regions of the world also affects the market. In Japan, the state of emergency was lifted, and in India, domestic air traffic is gradually being restored.

It was previously reported that US oil companies reduced their crude production by 2.3 million barrels per day, although the US Department of Energy predicted a lower level of production decline.

Tags: contracts, oil, hydrocarbon production, USA, energy market, авиатопливо, добыча нефти, коронавирус, RF, Oil refinery plant, foreign affairs, ОПЕК+, negotiations, stocks, price, agreement, volumes, oil products, gasoline, quarantine, Brent, WTI, pandemia, Saudi Arabia, COVID-19, decline in production, oil reserves, power system, crisis

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