WTI Crude Stays Near Three-Month High

6 Jun 2022 , 02:57 PM

WTI crude futures jumped to a three-month high on Monday, after Saudi Arabia raised prices for its crude sales in July, indicating tight global supplies even after OPEC+ agreed to accelerate its output increases over the next two months. Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to $6.50 premium versus the average of the Oman and Dubai benchmarks, state oil producer Aramco said on Sunday. Oil prices are lingering near $120 per barrel amid tight supply conditions owing to Russia-Ukraine war and improving demand as economies including China are seen recovering from the pandemic. Crude oil has rallied sharply this year and continues to hold just below 2008 highs. OPEC+ last week agreed to accelerate output by 648,000 barrels a day for July and August, about 50% more than the increases seen in recent months. WTI futures jumped to $121 overnight and is currently quoting at $119.28 per barrel. Powered by Commodity Insights