Oil prices rise as supply concerns dominate

  • World
  • Tuesday, 28 Jun 2022

NEW YORK, June 27 (Xinhua) -- Oil prices climbed on Monday, bolstered by continued concerns over tight supplies.

The West Texas Intermediate for August delivery added 1.95 U.S. dollars, or 1.8 percent, to settle at 109.57 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 1.97 dollars, or 1.7 percent, to close at 115.09 dollars a barrel on the London ICE Futures Exchange.

"The pronounced state of backwardation in the forward curves still points to tight supply," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.

"After all, the risks on the supply side have not gone away, as the latest production outages in Libya have shown," he said.

Traders are awaiting a key meeting by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group is set to meet later this week to review the oil market and decide on output levels.

For the week ending Friday, the U.S. crude benchmark declined 0.3 percent, while Brent closed flat, based on the front-month contracts.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Police tighten security as North Macedonia, Bulgaria honour national hero
Brazil sinks rusting old aircraft carrier in the Atlantic
Why are Peruvian politics such a mess? Inside the halls of its Congress
Russia's Medvedev says more U.S. weapons supplies mean 'all of Ukraine will burn'
Raise your voices against South Sudan injustice, pope tells Churches
Germany has evidence of war crimes in Ukraine 'in three-digit range' - prosecutor
Japan PM Kishida rebukes aide over same-sex couple outburst
South Sudan's late liberation hero Garang in focus during pope's visit
Peru Congress shelves President Boluarte's bill for early elections
Around 70% of Haitians back international force to fight gangs, survey says

Others Also Read