US EditionWhy Oil Prices Are Jumping After OPEC Increased Production
- Oil prices rose about 4% on Monday as Brent crude reached $65.27 per barrel and U.S. West Texas Intermediate hit $63.49 amid sustained output increases.
- On Saturday, OPEC+ announced a July increase in oil production by 411 thousand barrels daily, marking the third month in a row with the same level of growth.
- The price jump reflected steady production hikes, geopolitical tensions from recent Ukrainian drone attacks on Russia, and tight global oil fundamentals during summer driving season.
- Harry Tchilinguirian of Onyx Capital noted that if OPEC+ had implemented an unexpected large increase in production, the market would have experienced a much sharper decline in prices, underscoring investor relief over the cautious supply adjustment.
- This steady output increase with geopolitical risk suggests OPEC+ aims to maintain market share while managing supply carefully, though enforcement of compliance remains uncertain.
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Oil accounts for about a third of the price of every liter of gasoline and diesel that drivers pay at Czech gas stations. Moreover, the OPEC cartel, led by Saudi Arabia, and its allies Russia, continue to lift production restrictions they agreed to in July 2023 to keep its price high. At that time, 2.2 million barrels of oil disappeared from the market...
Oil leaps 4% after OPEC+ keeps output increase unchanged – Oil & Gas 360
(Investing) – LONDON -Oil prices jumped by about 4% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. Brent crude futures climbed by $2.28, or 3.6%, to $65.06 a barrel by 1335 GMT. U.S. West Texas Intermediate crude was up $2.99, or 4.9%, at $63.78. Both contracts lost more than 1% last week. The Organization of the Petroleum Exporting Countries and its allies, known collectively as
Reading time approx.: 1 minutes, 10 secondsBrent's futures were listed in the early hours of Monday with an advance of $2.28, or 3.63% more, to be traded at $65.06 per barrel.Brent's crude prices were higher than 3% on Monday, after the OPEC+ producer group maintained the increase in production in July at the same level as in the previous two months, the Reuters agency allocated.Brent's futures were listed in the early hours of Monday with an ad…
elcorreoweb.es
elcorreogallego.esThe price of the Texas intermediate oil barrel (WTI) started this Monday with a sharp rise of 4.59%, to 63.58 dollars, driven by the decision of the OPEC+ alliance to increase its production in July by 411,000 barrels per day. This measure dispelled fears of a more aggressive increase that could generate an excess of supply.
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