Commodities

Oil prices hit two-week highs ahead of OPEC's meeting

2022-06-29 14:42:13 GMT (Economies.com)

Oil prices rose in European trade for the fourth straight session to two-week highs amid supply shortages following remarks by French President Emanuel Macron.

 

US crude stocks haven fallen as well according to initial data, in turn underpinning prices.

 

Global Prices

 

US crude rose 1.8% to $113.92 a barrel, the highest since June 17, while Brent added 1.75% to $120.02 a barrel, the highest since June 17.

 

US crude rose 1.75% yesterday, while Brent climbed 2.4% on supply shortage concerns. 

 

Libyan Output

 

Libyan authorities said they might close some oil exporting ports amid overwhelming conditions that are preventing proper operations.

 

Ecuadorian Output

 

Ecuadorian Energy ministry said the country might suspend oil output completely in the next two days due to ongoing anti-government protests.

 

OPEC

 

OPEC's meeting has commenced today to set production targets ahead of the OPEC + official meeting in August.

 

US Stocks 

 

Initial US data showed a drop of 3.8 million barrels in US crude stocks last week.

 

Official data will be released today from the US governments on crude stocks.

More News

Risk Disclaimer : Economies would like to remind you that the data provided in this site is not necessarily in real time or accurate. All stock prices, indices, futures and foreign exchange rates are not provided by exchanges but by market makers, so prices may not be accurate, may differ from the price of the actual market, which means that the quotes represent an indication and are not suitable for commercial purposes. Therefore Economies does not assume any responsibility for any business losses that may be incurred as a result of the use of this data.