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Oil rises further on hopes of tighter supply as OPEC+ talks abandoned Oil prices rose slightly on Tuesday after the previous day s rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.
FILE PHOTO: A woman walks over pipelines crisscrossing Ogoniland in Rivers State, Nigeria September 18, 2020. Picture taken September 18, 2020. REUTERS/Afolabi Sotunde//File Photo
06 Jul 2021 09:50AM Share this content
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TOKYO: Oil prices rose slightly on Tuesday after the previous day s rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.
Oil rises further on hopes of tighter supply as OPEC+ talks abandoned indiatoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatoday.in Daily Mail and Mail on Sunday newspapers.
LONDON: Oil prices extended gains on Tuesday, with Brent and WTI hitting their highest since 2018 on expectations that supplies will tighten further after OPEC+ talks were called off just as global fuel demand recovers.
Brent crude climbed 32 cents, or 0.4 percent, to $77.48 a barrel by 0408 GMT, after gaining 1.3 percent on Monday. It reached the highest since October 29, 2018 at $77.61 earlier in the session.
US West Texas Intermediate (WTI) crude futures were at $76.69 a barrel, up $1.53, or 2.0 percent, from Friday’s close, having traded through a US holiday to mark Independence Day without a settlement. It had earlier hit its highest since Oct. 3, 2018 of $76.77 a barrel, just shy of the $76.90 peak that was WTI’s highest since October 2018.
Crude oil prices today: Oil soars to multi-year highs after OPEC+ talks collapse indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.