World Oil Prices Grow On Risky Sentiments Of Markets

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 2. World oil prices show growth following agreements on the US public debt ceiling, supporting the risk sentiments of the traders, and the investors' expectation of an OPEC+ meeting, trend reports.

The price for August futures for brent crude Oil increased by 0.54 percent, reaching $74.68 per barrel. The price of July futures for WTI Crude Oil rose by 0.53 percent, reaching the level of $70.47.

Oil quotes are supported by the willingness of traders to take risks amid news from the US. Previously, a bill to raise the public debt ceiling was passed in the Senate, and then on May 31 it was approved in the House of Representatives of the US Congress by a majority vote. After that, the bill must be signed by President Joseph Biden.

The markets are looking forward to the meeting of OPEC and its allies within the framework of the OPEC + alliance, which will be held in Vienna on June 3-4. The semi-annual meetings of OPEC and OPEC+ are especially important, because at them all participants of the full composition assess the situation in the oil market and, based on the analysis, can decide to adjust the parameters of the OPEC+ deal.


Trend News Agency

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