Brent reclaims $63/bbl as OPEC agrees to meeting date

OPEC has agreed to meet on July 01, followed by a meeting with non-OPEC allies on July 02.

Jun 20, 2019 07:06 IST India Infoline News Service

Crude Oil
Crude oil prices in the global market were trading higher on Thursday with Brent crude futures rising 2.70% to $63.49 a barrel, while US West Texas Intermediate (WTI) crude futures rose 2.9% at $55.34 a barrel, Bloomberg data showed.

Oil prices gained after US reported unexpected growth in crude oil inventories and as Organization of the Petroleum Exporting Countries (OPEC) and other producers finally agreed to a date for a meeting to discuss output cuts.

As per the Energy Information Administration (EIA), the US crude stocks fell by 3.1mn barrels last week compared with analyst expectations for a draw of 1.1mn barrels.

Further, OPEC has agreed to meet on July 01, followed by a meeting with non-OPEC allies on July 02, after weeks of wrangling over dates. The group will discuss whether to extend a deal on cutting 1.2mn barrels per day of production that runs out this month.

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