WTI Oil Closes Up $1.95 on Tight Oil Supply Expectations : InfoQuest

New York’s West Texas Intermediate (WTI) crude futures ended positive on Monday (June 27), boosted by forecasts that World oil supplies will face tighter tensions after the G7 nations vowed to impose tougher sanctions on Russia. to extract a source of income for President Vladimir Putin’s war

  • The WTI crude oil contract was delivered in August. It was up $1.95, or 1.8%, at $109.57 a barrel.
  • The Brent crude oil contract (BRENT) delivered in August. It was up $1.97, or 1.7%, at $115.09 a barrel.

Oil markets continue to be driven by concerns about tight oil supplies. Recently, a senior US government official said the G7 will develop a mechanism to limit Russian oil prices to pressure Russia from a shortage of revenue to support fighting in Ukraine.

In addition, the Ecuadorian Ministry of Energy said Ecuador may have to suspend oil production If indigenous protests and road closures continue Ecuador’s oil industry has been severely damaged by the protests. including the closure of domestic oil wells

Investors keep an eye on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus on June 30 after a resolution to increase production by 648,000 barrels per day in July and August.

The US government’s Energy Information Administration (EIA) released a statement saying: The office is still in the process of restoring the storage system. After experiencing a technical glitch last week and unable to announce weekly oil stock numbers.

The statement stated that the EIA would expedite action to resolve the system issue. and will report back on oil stock data as soon as possible

By InfoQuest News Agency (28 Jun 65)

Tags: lifestyle, WTI oil, crude oil, oil prices