Friday, August 12, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • CCPA
  • DMCA
News Two Daily News
  • Home
  • Headlines
  • US News
  • World
  • Sports
  • Business
  • Technology
  • Entertainment
  • Science
  • Health
No Result
View All Result
  • Home
  • Headlines
  • US News
  • World
  • Sports
  • Business
  • Technology
  • Entertainment
  • Science
  • Health
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Oil tops $120 a barrel on Saudi pricing despite OPEC+ deal

  • Sponsored results for Oil tops $120 a barrel on Saudi pricing despite OPEC+ deal

  •  
June 6, 2022
in Business
Oil tops $120 a barrel on Saudi pricing despite OPEC+ deal


A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo

Register now for FREE unlimited access to Reuters.com

  • Saudi Arabia raises official prices for Asian buyers
  • OPEC+ unlikely to achieve increased output target -JP Morgan
  • WTI hits highest since early March

LONDON, June 6 (Reuters) – Oil prices topped $120 a barrel in choppy trade on Monday buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply.

Brent crude was up 64 cents, or 0.5%, to $120.36 a barrel at 1339 GMT after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures rose 63 cents, or 0.5%, to $119.50 a barrel after hitting a three-month high of $120.99.

Register now for FREE unlimited access to Reuters.com

Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia. read more

The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output for July and August by 648,000 barrels per day, or 50% more than previously planned.

The increased target was spread across all OPEC+ members, however, many of which have little room to increase output and which include Russia, whichfaces Western sanctions.

“With only a handful of… OPEC+ participants with spare capacity, we expect the increase in OPEC+ output to be about 160,000 barrels per day in July and 170,000 bpd in August,” JP Morgan analysts said in a note.

On Monday, Citibank and Barclays raised their price forecasts for 2022 and 2023, saying they expected Russian output and exports to fall by around 1-1.5 million bpd by end-2022. read more

Separately, Italy’s Eni and Spain’s Repsol could begin shipping small volumes of Venezuelan oil to Europe as soon as next month, five people familiar with the matter told Reuters. read more

Register now for FREE unlimited access to Reuters.com

Additional reporting by Florence Tan in Singapore and Sonali Paul in Melbourne; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.



Read More News: Oil tops $120 a barrel on Saudi pricing despite OPEC+ deal

Tags: AMERSASCRUasiaASXPACbarrelCDTYCEEUCISCCOMCRUdealDRVEMRGENERENFFENGENREUROPFINGBMEASTMKTREPNAMERNASIANRGoilOILGOPECpricingPRODRepRUSASaudiSWASIATGLFTOPCMBTOPNWStopsukusWEU

Related Posts

Today’s Stock Market News: Stocks Mostly Rise After Nasdaq Enters Bull Market
Business

Today’s Stock Market News: Stocks Mostly Rise After Nasdaq Enters Bull Market

August 11, 2022
Walgreens helped fuel San Francisco’s opioid crisis, judge rules
Business

Walgreens helped fuel San Francisco’s opioid crisis, judge rules

August 10, 2022
Elon Musk sells 7.92 million Tesla shares worth $6.88 billion
Business

Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

August 10, 2022
Cryptoverse: Blockchain bridges fall into troubled waters
Business

Cryptoverse: Blockchain bridges fall into troubled waters

August 9, 2022
Oil edges up as strong economic data feeds hopes for demand
Business

Oil edges up as strong economic data feeds hopes for demand

August 8, 2022
Futures Dip: These 5 Chip Stocks Could Use This
Business

Futures Dip: These 5 Chip Stocks Could Use This

August 7, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trend Today

Peru President, Martín Vizcarra, Survives Impeachment Vote

Peru President, Martín Vizcarra, Survives Impeachment Vote

September 19, 2020
Suspect killed in shootout with officers in Midvale, 3 others arrested

Suspect killed in shootout with officers in Midvale, 3 others arrested

September 19, 2020
Presentation Pac-12 presidents and chancellors saw before postponing sports featured

Presentation Pac-12 presidents and chancellors saw before postponing sports featured

September 18, 2020
US to declare UN sanctions reimposed on Iran despite disagreement from allies

US to declare UN sanctions reimposed on Iran despite disagreement from allies

September 17, 2020
Hurricane Sally unleashes

Hurricane Sally unleashes

September 16, 2020

EDITOR'S PICK

Russian Forces Close In on Ukraine’s Capital as Kyiv Prepares to Fight

Russian Forces Close In on Ukraine’s Capital as Kyiv Prepares to Fight

February 26, 2022
DeChambeau makes final 16 for long drive title

DeChambeau makes final 16 for long drive title

October 1, 2021
NASA’s Perseverance Rover Lands Successfully on Mars (Highlight Reel)

NASA’s Perseverance Rover Lands Successfully on Mars (Highlight Reel)

February 19, 2021
“Debt Ceiling Farce 2021”: Treasury General Account Plunges. Let’s See How Close to

“Debt Ceiling Farce 2021”: Treasury General Account Plunges. Let’s See How Close to

September 6, 2021

Headlines

Climate change’s impact intensifies as U.S. prepares to take action

Climate change’s impact intensifies as U.S. prepares to take action

August 11, 2022
Tigers Fire General Manager Al Avila

Tigers Fire General Manager Al Avila

August 10, 2022
Rep. Jaime Herrera Beutler concedes in Washington state

Rep. Jaime Herrera Beutler concedes in Washington state

August 10, 2022
3 charged with helping Mall of America shooter; 2 suspects still at large

3 charged with helping Mall of America shooter; 2 suspects still at large

August 9, 2022

Sports

NFL training camp 2022 tracker: Bears WR N’Keal Harry reportedly undergoing ankle

NFL training camp 2022 tracker: Bears WR N’Keal Harry reportedly undergoing ankle

August 11, 2022
FIFA set to move Qatar World Cup 2022 start date

FIFA set to move Qatar World Cup 2022 start date

August 10, 2022
Serena Williams Announces Plans to Retire From Tennis: What We Learned

Serena Williams Announces Plans to Retire From Tennis: What We Learned

August 10, 2022
Yanks’ Carpenter breaks foot amid resurgent year

Yanks’ Carpenter breaks foot amid resurgent year

August 9, 2022

World

Ukraine Live Updates: Russia Lost at Least 8 Warplanes in Crimea, Satellite Images

Ukraine Live Updates: Russia Lost at Least 8 Warplanes in Crimea, Satellite Images

August 11, 2022
Zelenskyy vows to liberate Crimea; Ukraine fears Russian damage to major nuclear

Zelenskyy vows to liberate Crimea; Ukraine fears Russian damage to major nuclear

August 10, 2022
Record rainfall kills at least 9 in Seoul as water floods buildings, submerges cars

Record rainfall kills at least 9 in Seoul as water floods buildings, submerges cars

August 10, 2022
Live Updates: Ukrainian Grain Has Not Gone to Countries Most in Need

Live Updates: Ukrainian Grain Has Not Gone to Countries Most in Need

August 9, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • CCPA
  • DMCA

© 2020 Newstwo.net

No Result
View All Result
  • Home
  • Headlines
  • US News
  • World
  • Sports
  • Business
  • Technology
  • Entertainment
  • Science
  • Health

© 2020 Newstwo.net

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

We respect your privacy and take protecting it seriously