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Oil: Prices make progress

01/07/2021
Categories: Raw materials

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A change of course illustrates the nervousness of investors 48 hours before the summit of the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC+ agreement. Oil is rising a little from the previous day's close.

Oil prices rose slightly on Tuesday after starting the day in the red. Brent crude from the North Sea for August delivery ended up 0.11% at 74.76 dollars in London, up 0.11% or 8 cents from the previous day's close. In New York, a barrel of WTI for the same month gained 0.10% or 7 cents, to 72.98 dollars. Members of the cartel of oil-producing countries led by Saudi Arabia and Russia meet on Thursday to decide on their production levels from August. The market is currently expecting a slight increase of 500,000 barrels per day.

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