Futures in New York rose as much as 3.7 per cent on Thursday to the highest intraday level since 2018
Topics
Oil Prices | Crude Oil Prices | OPEC
Bloomberg
Last Updated at July 1, 2021 23:21 IST
Oil advanced with Opec+ producers reaching a tentative agreement to add limited supplies to the market in the coming months.
Futures in New York rose as much as 3.7 per cent on Thursday to the highest intraday level since 2018. Negotiations between Opec+ producers, including the alliance’s de facto leaders, Saudi Arabia and Russia, are still underway, delegates said, as ministers gathered online. The proposal under discussion would add about 2 million barrels a day to the cartel’s output between August and December, they said.
“Opec is looking like it’s going to keep some restraint, and to me, the market is in a really good place,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “People are very comfortable and constructive with the profile over the next year.”
Oil posted the best half since 2009 as prices grind higher, aided by a global recovery taking place from the US to Europe and China.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Thu, July 01 2021. 23:21 IST
read the full story about Oil prices climb with Opec+ signalling more gradual supply hike
#theheadlines #breakingnews #headlinenews #newstoday #latestnews #aajtak #ndtv #timesofindia #indiannews