28.9 C
New York
Sunday, July 3, 2022

Oil Prices Rise Despite Supply Worries

Oil Prices Rise Despite Supply Worries© Reuters. Oil inched up on Tuesday.

Investing.com – Oil prices were slightly higher on Tuesday despite an increase in production from OPEC.

increased 0.51% to $66.44 a barrel as of 11:13 AM ET (15:13 GMT) after falling to a low of $64.92 earlier in the session. Meanwhile futures, the benchmark for oil prices outside the U.S., rose 0.05% to $76.50.

Total production of the Organization of the Petroleum Exporting Countries and Russia countries barrels per day (bpd) in May to 31.87 million bpd, according to its monthly report.

However the higher production in Saudi Arabia, Algeria and Iraq was offset by decreased production in Venezuela, Libya and Nigeria, the firm said.

The organization remained cautious however, as there is “pronounced uncertainty” about the oil market outlook for the rest of the year.

“Recent developments in the oil market have led to pronounced uncertainty about the second half of the year,” OPEC wrote in its monthly report. “While oil demand in the US, China and India shows some upside potential, downside risks might limit this potential going forward…”

The organization set to meet in Vienna on June 22 and is expected to decide whether or not to increase supply by one million barrels per day, as OPEC faces losses from Venezuela and Iran.

OPEC has been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018.

In other energy trading, increased 0.05% at $2.1055 a gallon, while rose 0.60% to $2.1737 a gallon. was down 0.81% to $2.925 per million British thermal units.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,295FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles