ISLAMABAD
\nGlobal prices for crude oil edged lower on Friday amid reports that OPEC+ is set to increase oil supply by two million barrels per day (bpd) from August to December, with a monthly increase of below 500,000 bpd.
\nAt 13:30 GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed 0.32 percent to reach $75.60 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.01, down 0.28 percent. Both benchmark crude futures crossed the $75 per barrel threshold for the first time since 2018.
\nThe price for Opec Basket was recorded at $73.60 a barrel with 0.35 percent increase, Arab Light was available at $74.83 a barrel with 1.33 percent increase, while the price of Russian Sokol reached $74.75 after gaining 1.10 percent. The benchmarks traded higher as Opec+, the group led by Saudi Arabia and Russia, is considering returning an estimated 2 million bpd back to the markets between August and December. Media reports suggest the group, which helped stabilise markets by agreeing to a historic production cut deal last year at the height of the Covid-19 crunch, could extend cuts beyond April 2022.
\nThe alliance has already helped stoke Brent oil prices beyond $75 per barrel and the producers group is well aware of the impact its policies have on prices.
\nPrices are also rising as initial leaks suggest that Opec+ is considering a 2 million bpd output hike from August through December, with a monthly increase of below 500,000 bpd.
\nThe recent rally in oil prices, fuelled by the possible delay in the return of Iranian crude to the market following the election of hardliner Ebrahim Raisi as president, could well continue. The Swiss bank sees Brent testing $85 per barrel by the third quarter before cooling down to $72 per barrel by year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Global prices for crude oil edged lower on Friday amid reports that OPEC+ is set to increase oil supply by two million barrels per day (bpd) from August to December, with a monthly increase of below 500,000 bpd. At 13:30 GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed 0.32 percent […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-201672","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n