Crude oil closes higher into the weekend

Crude oil futures closed higher on Friday (July 1) as concerns about tight supply in global markets remained a factor supporting prices.

  • WTI crude futures were up $2.67, or 2.5%, at $108.43 a barrel. and rose 0.8% this week.
  • BRENT crude futures were up $2.6, or 2.4%, at $111.63 a barrel and were up 2.3% for the week.

On Thursday (June 30), the Libyan government’s National Oil Company declared force majeure for an increasing number of oil ports. The protests and blockades continue to affect the country’s crude oil production and exports.

However, the rally in crude oil futures was slowed by concerns about a slowdown in the global economy.

Investors took into account the decision of the OPEC+ meeting to increase production by 648,000 barrels per day in August.

However, at Thursday’s OPEC+ meeting, there was no discussion of production policy for September and the months thereafter.

The Spot Market is Closed

Saturday, July 2, 2022

Energy
Updated at
USD
Price

Change

%Changa
Crude Oil
14.40

108.48

+2.70

+2.55%

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