Crude oil closes over $2 higher – Investors look ahead to OPEC+ meeting next week

Crude oil futures closed higher on Friday (July 29) and remained higher this week. However, concerns about the recession weighed on prices in July, while investors are keeping an eye on the OPEC+ meeting, which will also be attended by Saudi Arabia and Russia on August 3. OPEC+ is not expected to increase oil production as the United States had hoped.

  • WTI crude futures rose $2.2, or 2.3%, at $98.62 a barrel. And this week, it was up 4.1% but fell 6.8% in July.
  • BRENT crude futures rose $2.87, or 2.7%, at $110.01 a barrel. And this week, it was up 6.6%, but fell 4.2% in July.

OPEC+ will probably keep its production at the same level. However, analysts believe that it will be difficult for OPEC+ to increase production as many countries are already struggling to meet the initial quota.

The depreciation of the U.S. dollar and the rally on the New York Stock Exchange also supported oil prices. When the dollar depreciates, holders of other currencies can buy oil at a lower price.

The Spot Market is Closed

Saturday, July 30, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.50

98.30

+1.88

+1.95%

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