Reporters reported that New York’s West Texas Intermediate (WTI) crude futures closed higher on Friday (July 1) on concerns about tight global oil supplies. still a factor supporting the price
The WTI crude oil contract was delivered in August. It was up $2.67, or 2.5%, at $108.43 a barrel. and rose 0.8% this week.
The Brent crude oil contract (BRENT) delivered in September. It was up $2.6, or 2.4 percent, at $111.63 a barrel and up 2.3 percent for the week.
On Thursday (June 30), the Libyan government’s National Oil Corporation declared force majeure at an increasing number of oil ports. As protests and blockades continue to affect the country’s crude oil production and exports. and caused concern that The supply of oil in the world market will be tight.
However, the rally in crude futures has been deterred by concerns about a slowdown in the global economy.
Traders also accepted a resolution of the OPEC Plus meeting to increase production by 648,000 barrels per day in August. The said capacity increase is in line with the original resolution in the meeting on June 2, where the meeting decided to increase production capacity by 648,000 barrels per day in both July and August. After increasing production capacity by 432,000 barrels/day in June
However, at Thursday’s OPEC Plus meeting (June 30), it avoided discussing production policy in September and the months thereafter. Next time on 3 Aug.
