WASHINGTON (Sputnik) — The July outlook for West Texas Intermediate crude climbed by $1.07, or 2.2 percent, to end at $49.69 per barrel on the New York Mercantile Exchange, its highest price since July 21, 2015, MarketWatch reported.
Brent oil futures edge lower ahead of OPEC meeting https://t.co/z4gD5XvBNq pic.twitter.com/cK5i75Wjqo
— Wall Street Journal (@WSJ) 31 мая 2016 г.
August Brent crude increased 91 cents, or 1.8 percent, to $50.55 a barrel on the London futures exchange.
Oil futures are the contracts in which buyers agree to a set price for delivery of a specific quantity of oil on a future date.
Last week, prices dropped about 1.4 percent after the Organization of the Petroleum Exporting Countries (OPEC) failed to cap member countries’ oil production.
In addition, Saudi Arabia cut oil prices for Europe as Iran continues to increase its exports following the lifting of international sanctions.
#BREAKING: Brent crude #oil sets fresh 2016 high at $50.68 a barrel #OPEC #OOTT #shale #SaudiArabia #Iran #Nigeria pic.twitter.com/EJUMkosxrO
— Javier Blas (@JavierBlas2) 6 июня 2016 г.
However, the reports noted, militant attacks in Nigeria have affected the oil supply in that country, causing production to decline to about 1.6 million barrels per day.
Moreover, oil production in Canada’s Alberta province is down about 40 percent due to wildfires last month.
I predict that #WTI will hit $60 in March 2017 as the oil-gold price ratio reverts to mean via #oil price increases pic.twitter.com/ZcM7jR2R1N
— Prof. Steve Hanke (@steve_hanke) 6 июня 2016 г.
