(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 26. World oil prices on
Friday morning are decreasing just like on the previous day
according to the auction data, trend reports.
Markets assess the prospects for OPEC+ policy following
statements from Russia.
The price of July futures for Brent crude oil decreased by 0.31
percent, to $76.02 per barrel, and July futures for WTI (West Texas
Intermediate) - by 0.11 percent, to $71.75. A day earlier, quotes
lowered by 2.7 percent and 3.4 percent respectively after growth in
the previous three trading sessions.
On May 25, Russian Deputy Prime Minister Alexander Novak stated
that no new steps will be taken at the in-person OPEC+ meeting on
June 4. He explained this by the fact that just a month ago, some
countries decided to voluntarily cut oil production due to the slow
pace of global economic recovery.
"Oil lost recent gains amid OPEC's reluctance to cut production
further. We see things softening a bit further from here as
cautious sentiment permeates the markets," Bloomberg cited managing
director for brokerage Vanir Global Markets Pte James Whistler.
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