Oil climbs as OPEC+ postpones production policy meeting
Oil prices rose on Wednesday morning in Asia as the Organization of the Petroleum Exporting Countries and allies (OPEC+) moved this week’s production policy meeting to Thursday, allowing ministers more time to reach a deal.
Brent Oil Futures climbed 0.61% to $74.73 while Crude Oil WTI Futures were up 0.69% to $73.48.
The American Petroleum Institute reported a draw of 8.153 million on the U.S. crude oil supply for the week ending June 25. A 7.199 million barrel draw was recorded during the previous week.
About a 50% surge in oil prices was seen as fuel consumption rebounded in key markets like the U.S. and China. This can be attributed to both countries’ continuous economic recovery.
Meanwhile, some OPEC+ members such as Russia proposed an oil supply increase as Saudi Arabia grew anxious about the COVID-19 delta variant’s global spread despite increasing demand.