Oil rises ahead of US crude inventory report

30/06/2021 Argaam

Oil rigs

Oil prices edged up on Wednesday ahead of data on US crude inventories and in anticipation of the OPEC+ meeting.

 

The international benchmark Brent crude was trading up 0.3% at $74.95 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.5% to $73.32 per barrel.

 

According to reports, OPEC+ postponed the initial discussions between ministers by one day to July 1, in order to allow more time to resolve differences ahead of the policy meeting.

 

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are expected to meet on July 1 to review their production policy.

 

Meanwhile, economic data showed that crude stocks in the US were down by 8.15 million barrels in the week ending June 25.

 

The official report from Energy Information Administration is expected later today.

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