Oil nears $70 ahead of the OPEC + meeting

Baghdad - INA

Oil prices rose today, Tuesday, ahead of a meeting of the “OPEC +” alliance, and supported by hopes of growth in fuel demand in the coming months, with the start of the summer driving season in the United States, the largest consumer of oil in the world .

The international benchmark Brent crude futures for August delivery rose 56 cents, or 0.9 percent, to $69.88 a barrel, and US West Texas Intermediate crude contracts rose $1.01, or 1.5 percent, to $67.33 a barrel .

OPEC + has reduced its production by 9.7 million barrels per day since May 2020 due to the decrease in oil demand caused by the Coronavirus pandemic, and with the recovery of the situation, restrictions were modified, reaching 6.9 million barrels per day in April.

Last April, the OPEC + group decided to increase production by 2.1 million barrels per day from May to July, in anticipation of increased global demand despite the high cases of Corona virus in India, the third largest oil consumer in the world .

Source: Sputnik