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

2022-06-29 14:42:13 GMT (

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'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.

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