03.07.2022
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World oil prices rise slightly amid OPEC+ meeting

MOSCOW, May 5 – PRIME. World oil prices on Thursday evening are rising slightly, while losing the growth of almost 3%, which followed the results of the OPEC + meeting, follows from the trading data.

The Moscow Exchange Index continued to trade the zone of 2370-2450 points

As of 18.25 Moscow time, the price of July futures for Brent crude grew by 0.7%, to $110.91 per barrel, June futures for WTI — by 0.28%, to $108.11. After the announcement of the results of the meeting, prices increased by more than 3%.

Earlier Thursday, the OPEC+ countries agreed that they would continue to increase production by the planned 432,000 barrels per day in June, with the next meeting scheduled for June 2. The organization noted that it still considers the fundamental factors of the oil market to be balanced, but noted that geopolitics and the pandemic continue to influence it.

The rise in oil prices is also limited by the noticeable strengthening of the dollar. The dollar index (the exchange rate against a basket of six currencies of US trading partners) grew by 1.12%, to 103.73 points. The appreciation of the dollar makes oil less accessible to investors who own other currencies.

Traders also noted that a committee of the US Senate on Thursday approved the NOPEC (No Oil Producing and Exporting Cartels Act) bill, which allows the US government to sue antitrust lawsuits against OPEC members.

Source: 1prime

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