After A Decline.. A Rise In The Oil Price

Baghdad / NINA / – Oil prices stabilized today, Tuesday, after dropping about 7% in the previous session, in light of a broader decline in the market, driven by concerns about the rise in Covid-19 infections, which comes at a time when producers reached a new agreement on supplies.

Brent crude gained 70 cents, or 1%, to $69.32 a barrel.

The US crude contract for August delivery, which expires later today, rose 86 cents, or 1.3 percent, to $67.28 a barrel. And US crude for September delivery rose about 1.2 percent to $67.14 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, reached a compromise on Sunday to raise production.

The OPEC+ deal removes more supply constraints that have been supporting the market for a year. OPEC + keeps about 5.8 million barrels per day of crude out of the market, a number that will drop to two million barrels per day by the end of 2021./End


Source: National Iraqi News Agency