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Oil prices grow after decline the day before

09.06.2020,11:46


June 9, Fineko/abc.az. Prices are rising on Tuesday, after falling in the previous trading on the news about the refusal of Saudi Arabia, Kuwait and the UAE to extend the voluntary production limit.

Saudi Energy Minister Prince Abdulaziz bin Salman stated on Monday that voluntary additional restrictions on oil production from Saudi Arabia, Kuwait and the UAE for 1.2 million b/d will be in effect only in June.

By 8:30 am, at the London ICE Futures Exchange the Brent crude futures for August rose in price by $0.21 (0.51%) up to $41.01 a barrel.

Following the end of trading on 8 June the price of Brent oil contracts for August fell by $1.50 (3.55%) to $40.80 a barrel.

By 8:30 am, at the New York Mercantile Exchange (NYMEX) the WTI futures for July rose by $0.30 (0.79%) up to $38.49 a barrel.

At the end of trading on 8 June at the NYMEX the price of July’s WTI futures decreased by $1.36 (3.44%) to $38.19 a barrel.