Oil prices rose during trading on Tuesday, with investors returning to risk assets and commodities again after sharp losses yesterday, and crude managed to erase its losses and turn upwards ahead of the release of US inventory data.
The organization and its allies within the “OPEC Plus” alliance announced, after an emergency meeting on Sunday, an agreement to increase production by about 400,000 barrels per day, starting in August, with an extension of the timing of the end of the cuts until the end of 2022 instead of April 2022.
“OPEC Plus” also decided to raise the minimum production from 43.8 million barrels per day to 45.5 million barrels per day, starting in May 2022.
In a separate context, US oil production rose by about 300,000 barrels per day over the past two weeks to 11.4 million barrels per day until the week ending on the ninth of July.
On the other hand, the dollar index rose - against a basket of major currencies - by 18:45 GMT, by 0.1% to 92.9 points, and recorded the highest level at 93.1 points, while recording the lowest level at 92.8 points.
Later today, the American Petroleum Institute will announce preliminary data on crude inventories, while the Energy Information Administration will announce its official data tomorrow.
In terms of trading, US “NYMEX” crude futures for August delivery rose by 1.5 percent to $67.4 a barrel, and recorded the highest price at $67.6 and the lowest price at $65.2.
Brent futures for September delivery rose 1.2% to $69.4 a barrel, with the highest price at $69.6 and the lowest at $67.4.
Oil prices fell during trading today, Tuesday, amid the dollar's rise against most of the major currencies, ahead of the release of US inventory data.
The organization and its allies within the “OPEC Plus” alliance announced, after an emergency meeting on Sunday, an agreement to increase production by about 400,000 barrels per day, starting in August, with an extension of the timing of the end of the cuts until the end of 2022 instead of April 2022.
“OPEC Plus” also decided to raise the minimum production from 43.8 million barrels per day to 45.5 million barrels per day, starting in May 2022.
In a separate context, US oil production rose by about 300,000 barrels per day over the past two weeks to 11.4 million barrels per day until the week ending on the ninth of July.
On the other hand, the dollar index rose - against a basket of major currencies - by 13:21 GMT, by 0.3% to 93.1 points, and recorded the highest level at 93.1 points, while recording the lowest level at 92.8 points.
Later today, the American Petroleum Institute will announce preliminary data on crude inventories, while the Energy Information Administration will announce its official data tomorrow.
In terms of trading, US “NYMEX” crude futures for August delivery by 13:24 GMT decreased by 0.7% to $65.9 a barrel, while “Brent” fell by 0.6% to $68.2.
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