Baghdad Oil prices rose today, Wednesday, after OPEC and its allies adhered to their plan to cautiously restore oil supplies in June and July, while they expected a strong recovery in fuel demand during the summer in the United States.
West Texas Intermediate crude futures rose 21 cents, or 0.31%, to $67.93, extending its 2.1% gain after the US Memorial Day holiday on Monday. Prices have risen to their highest since October 2018.
Brent crude futures rose 25 cents, or 0.36 percent, to $70.50 a barrel, after jumping 1.3 percent overnight, when they reached their highest levels since March 8.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, called the OPEC+ community, agreed on Tuesday to stick to their plan to gradually ease supply restrictions until July.
OPEC Secretary-General Mohammed Barkindo played down any potential market disruption, saying the group expects any return of Iranian exports to “take place in an orderly and transparent manner” if and when a nuclear deal is reached.
Source: National Iraqi News Agency