Oil prices have seen limited increases during the week ending July 2, following on from the previous session’s record highs for both benchmarks over investor confusion on the new supply policy of OPEC and non-OPEC oil majors at the postponed meeting that will reconvene later on Friday.
International benchmark Brent crude traded at $75.46 at 1100 GMT on Friday, posting more than a 0.2% rise from Monday when trade at 0655 GMT registered at $75.31 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $73.92 at the same time on Friday, increasing over 1.04% relative to $73.16 a barrel on Monday.
Oil markets started the week with supply uncertainties ahead of the monthly meeting of major oil producers. Demand concerns further intensified from the spread of the Delta variant of coronavirus, prompting fears of renewed restrictions.
Although US crude oil inventories showed an unexpected fall, dropping 6.7 million barrels relative to the market expectation of a 4.4 million-barrel draw, prices fell from new record highs on Friday as the OPEC+ meeting was postponed due to disagreements between oil majors on the cartel’s new supply policy.
On Thursday, Brent hit $76.71, marking the highest price since October 2018, and WTI reached $76.22 a barrel, the highest since September 2018.
Investors are now eyeing the outcome of the meeting of the Saudi-led OPEC bloc of 13 countries and the Russian-led non-OPEC group of 10 participants later on Friday.
Experts say the group will avoid major supply shifts to keep markets in a tight balance.
The group had previously agreed to gently raise production until the end of July and is now expected to raise its output by 500,000 barrels per day for August.
By Sibel Morrow