Crude Oil Closed Lower as Saudi Aramco Raises Prices and OPEC+ Increases Output

Crude oil futures closed lower on Monday (June 6) as markets were pressured by OPEC and OPEC+ decisions to increase output more than expected.

  • WTI crude futures were down 37 cents, or 0.3%, at $118.50 a barrel.
  • BRENT crude futures were down 21 cents, or 0.2%, at $119.51 a barrel.

The oil market was volatile, with WTI crude initially rising above $120 a barrel after Saudi Aramco, the Saudi government’s oil company, announced a $2.10 price increase for Arab Light Crude to $6.50 for Asian customers.

Later, however, crude oil futures weakened. The OPEC+ group had decided to increase production by 648,000 barrels per day in July and August.

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

Investors are paying attention to the weekly U.S. crude oil inventory report, which the EIA will release tomorrow.

The Spot Market is Open

Tuesday, June 7, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
13.45

119.38

+0.88

+0.74%

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