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Oil prices gain on more production cuts from OPEC+ members

Tan KW
Publish date: Tue, 06 Jun 2023, 08:31 AM
Tan KW
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NEW YORK, June 5 -- Crude oil futures prices posted modest growth on Monday as members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners announced new production cut measures.

The West Texas Intermediate (WTI) for July delivery added 0.41 U.S. dollars, or 0.57 percent, to settle at 72.15 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased by 0.58 dollars, or 0.76 percent, to settle at 76.71 dollars a barrel on the London ICE Futures Exchange.

OPEC and its partners announced on Sunday that they would deepen production cuts throughout 2024 by slashing another 1.393 million barrels of crude oil production each day.

Nine members of OPEC+, led by Russia and Saudi Arabia, also would extend the existing voluntary production cut throughput 2024.

Moreover, Saudi Arabia announced another plan to cut oil supply by 1 million barrels per day in July on a voluntary basis.

Oil markets jumped as OPEC+ decided to cut production but traders used the rally as an opportunity to take some profits off the table, noted Vladimir Zernov, analyst with market information supplier FX Empire.


  - Xinhua


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