Oil Liquid 2
Oil Liquid 2

Crude Oil Prices Hit Seven-year High As OPEC, Allies disagree on Production

July 6, 2021
1 min read

Following the failure of the Organisation of Petroleum Producing Countries (OPEC) and its allies to agree on production plan, Crude oil prices on Tuesday tracked higher with the US crude benchmark inching closer to a seven-year peak.OPEC and its allies called off a meeting to discuss production plans.

Although prices were stabilised on Monday, Tuesday witnessed a spike on Tuesday probably because investors feared that the OPEC+ group discordant positions on joint production would mean immiment supply strain.
A study of the market showed that West Texas Intermediate crude oil futures were higher by 1.6 per cent at $76.34 per barrel recently. Brent oil, WTI’s international counterpart, went up by 0.2% to settle at $77.30 per barrel.

Join our WhatsApp Channel
+ posts

Latest from News

Oyo Govt Attracts N46.6bn Investments In Agribusiness

Oyo Govt Attracts N46.6bn Investments In Agribusiness

In its quest to develop the agricultural sector, the Oyo State government has attracted about N46.6 billion investments into the state through agribusiness. The Director-General of the Oyo State Agribusiness Development Agency