Oil hits two-year high above $72 on OPEC+ discipline, demand hopes
NEW YORK – Oil prices surged on Wednesday, hitting their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.
Source: Reuters
Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.
U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 during the session, its highest since October 2018.
“The oil market welcomed the OPEC+ decision to stick with its existing production plan, and in conjunction with positive global demand indications, prices are gaining further today,” said Louise Dickson, Rystad Energy oil markets analyst.
India Business News: After Rajasthan, Madhya Pradesh and Maharashtra, petrol price has crossed the Rs 100-per-litre mark in Leh, in almost all districts of Andhra Pradesh
Leaders of the OPEC+ (Organization of the Petroleum Exporting Countries) group on Thursday criticized the International Energy Agency's call to stop investing in new oil and gas projects.
The Organization of the Petroleum Exporting Countries (OPEC) and other major crude producers led by Russia, a group so-called OPEC+, agreed on June 1 to continue gradually increasing oil production.
“OPEC+ is in a very good position and I would have thought they had a very pleasant meeting this w