Oil prices rise as OPEC+ agrees to continue its output plan
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E-mail Xinhua, June 2, 2021
Oil prices advanced on Tuesday after major producers agreed to keep their current output strategy in place.
The West Texas Intermediate for July delivery added 1.4 U.S. dollars to settle at 67.72 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 93 cents to close at 70.25 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Tuesday agreed to continue their existing plan to gradually increase oil production through July.
The group decided in April to return around 2.1 million barrels per day of supply to the market during May to July.
OPEC+ made deep output cuts last year as the pandemic hurt global fuel demand and is restoring production as economic recovery continues in most parts of the world.
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