Crude Oil Jumps More Than 1% – U.S. Inventories Fall, OPEC+ Surprises

Crude oil futures closed higher on Thursday (June 2) after U.S. crude inventories fell more than expected. OPEC+ surprisingly decided to increase oil production at its meeting.

  • WTI crude futures were up $1.61, or 1.4%, at $116.87 a barrel.
  • BRENT crude futures were up $1.32, or 1.1%, at $117.61 a barrel.

The Energy Information Administration (EIA) reported that U.S. crude oil inventories fell by 5.1 million barrels last week. The American Petroleum Institute (API), an association of the U.S. oil industry, had previously reported that U.S. crude oil inventories fell by 1.2 million barrels last week.

OPEC and OPEC+ decided at their meeting to increase production by 648,000 barrels per day in both July and August.

The increase was higher than analysts’ estimates, which had expected an increase of only 432,000 barrels per day in July, the same production level as in June.

Earlier, the United States and several oil-importing countries called on OPEC+ to increase production above current levels after oil prices hit high levels.

OPEC+ will hold its next production policy meeting on June 30.

The Spot Market is Open

Friday, June 3, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.00

116.60

-0.27

-0.23%

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