Oil prices continue to rise globally

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