OPEC splits down

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OPEC splits down

June 12, 2018 - 09:45
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Oil price continues rising today above level of $66 per barrel as split within OPEC in regards to whether organization shall ease production curbs or not becomes wider, Bloomberg reports. Besides, investors are waiting for details of the document signed between leaders of the US and North Korea.

Oil Platform | © Anita Stachurski, CC0 1.0

Oil price continues rising today above level of $66 per barrel as split within OPEC in regards to whether organization shall ease production curbs or not becomes wider, Bloomberg reports. Besides, investors are waiting for details of the document signed between leaders of the US and North Korea.

Futures in New York went up by 0,5% after growing as much as 0,6% on Monday. Saudi Arabia and Russia are trying to get support of their initiative on increasing output. Iraq, Venezuela and Iran are opposing to this decision.

Oil price dropped after reaching level above $72 a barrel in May as Saudi Arabia and Russia announced that they are ready to ease curbs to substitute for missing volumes from some countries.

Price of WTI oil with delivery in July grew to $66,52 a barrel. On Monday the price reached $66,10 a barrel. Brent oil went up to $76,74 a barrel. Futures in Shanghai gained 1,1% to 472,7 yuan. Yesterday they lost 0,2%.

Meanwhile, Saudi Arabia and Russia are already increasing output. So, Saudi Arabia raised production to 10,03 million barrels per day in May. This is the highest level since last October. Russia’s output is the highest in 14 months.