New York’s West Texas Intermediate (WTI) crude futures closed higher on Friday (July 29) and were up for the week. But concerns about the recession weighed on prices in July. While investors are keeping an eye on the OPEC Plus meeting, which includes Saudi Arabia and Russia on Aug. 3, it is expected that OPEC Plus will not increase oil production as the United States had hoped.
- WTI crude oil contract for delivery in September It rose $2.2, or 2.3%, to close at $98.62 a barrel. And this week, it was up 4.1% but fell 6.8% in July.
- Brent crude oil contract (BRENT) for delivery in September It rose $2.87, or 2.7%, at $110.01 a barrel. And this week, it was up 6.6 percent, but fell 4.2 percent in July.
CNBC reported, citing sources as saying. OPEC Plus is likely to maintain production at the same level. While analysts say it will be difficult for OPEC Plus to increase production because many countries are already facing difficulties in meeting the original quota.
The depreciation of the US dollar and the rally in the New York Stock Exchange also supported oil prices. when the dollar depreciates This will allow holders of other currencies to buy oil at a lower price.
By InfoQuest News Agency (30 Jul 65)