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.
Oil builds on gains on bullish demand expectations
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NEW YORK, June 3, 2021 (BSS/AFP) – Oil prices extended their rally Wednesday on growing expectations for demand as the global economy recovers, while equities rose in Europe and edged higher in the United States.
Crude futures in New York closed at $68.83 a barrel, their highest level since October 2018, while futures in London climbed to their highest level since May 2019.
The rally comes a day after the so-called OPEC+ group confirmed its production plan amid optimism of increased consumption in a reopening global economy.
On Tuesday, OPEC+ agreed to continue lifting output in July, having started slowly doing so in early May.
Oman crude crosses $70-mark SHARE
Oman oil was traded at over $70 for the first time since the beginning of the price decline over a year ago to close at $70.14.
Oil prices extended their rally Wednesday on growing expectations for demand as the global economy recovers, while equities rose in Europe and edged higher in the United States.
Crude futures in New York closed at $68.83 a barrel, their highest level since October 2018, while futures in London climbed to their highest level since May 2019.
The rally comes a day after the so-called Opec+ group confirmed its production plan amid optimism of increased consumption in a reopening global economy.