Oil rises in price on arrangements at OPEC+ meeting


June 8, Fineko/abc.az. Prices for oil of standard grades are rising in Monday's trading after OPEC+ countries agreed to extend the oil production cut quotas until the end of July.

By 9:25 am, at the London ICE Futures Exchange the Brent crude futures for August rose in price by $0.82 (1.94%) up to $43.12 a barrel.

Following the trading on 5 June the price of Brent oil contracts for August grew by $2.31 (5.78%) up to $42.30 a barrel.

The growth in the price of Brent crude oil last week made up 11.8%.

By 9:25, at the New York Mercantile Exchange (NYMEX) the WTI futures for July rose by $0.61 (1.54%) up to $40.16 a barrel.

At the end of trading on 5 June at the NYMEX the price of July’s WTI futures rose by $2.14 (5.72%) up to $39.55 a barrel.

The increase in the price of WTI oil made up 11.4% last week.