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.
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.
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.