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LONDON – Oil prices rose Friday morning after the main Saudi exporter said the country would not flood the crude market in an attempt to cap prices.
Brent crude, the world benchmark, rose 0.66% to $ 73.06 per barrel in London
Intercontinental exchange
.
On the New York Mercantile Exchange, West Texas Intermediate futures rose 0.16% to 78.35 dollars per barrel.
Governor of the Organization of Petroleum Exporting Countries, Adeeb al-Aama, said Thursday that the oil cartel He added that Saudi oil exports this month should be equal to June levels, while that in August, exports are expected to drop by around 100,000 barrels a day.
In recent weeks, after an OPEC meeting in June, cartel producers and partners like Russia have agreed to increase their production by one million barrels a day . This decision came amid concern over rising prices could hurt oil demand, as well as supply failures in Venezuela and a geopolitical risk to Iran's supply.
Donald Trump
OPEC and 10 producers outside the cartel, including Russia, have repressed gross output of about 1.8 million barrels a day, but OPEC refused to respond to pressure US. about 2% of the global supply since the beginning of last year. This agreement, first concluded at the end of 2016, was part of a coordinated effort to curb the overabundance of supply that weighed on prices since the end of 2014.
"There is no Not so long ago, the Saudis said they were going to make sure ING Bank analysts wrote Friday in a memo
that despite rising prices this morning, both indexes raw benchmarks are "ready for a weekly decline and emphasizes that the underlying mood is uncomfortable", said
Stephen Brennock,
An analyst at PVM Oil Associates Ltd. "Price stability is rare and wild fluctuations will be the norm as long as the supply environment remains uncertain," he added.
Before the Saudi announcement, prices were under pressure following the release of the US Energy Information Administration's latest weekly report, US crude stocks climbed nearly 6 million barrels a week last, while crude production reaches a record of 11 million barrels a day. data from
Baker Hughes
Among the refined products sold on Friday, Nymex reformulated the gasoline blend – the benchmark gasoline contract – up 0.86% to $ 2.04 a gallon. Diesel, a benchmark for diesel fuel, changed hands at $ 643.50 per metric ton, up 0.31% from the previous regulation.
Writing to Christopher Alessi at [email protected]
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