WTI crude holds above $69 amid oil supply developments

12/08/2021 Argaam

Oil rigs

Oil prices were stable on Thursday, following a call from the United States asking OPEC+ producers to boost output.

 

The international benchmark Brent crude was trading at $71.44 per barrel, at 9.00 am Makkah time.

 

WTI crude was at $69.24 per barrel.

 

“I want to make sure that nothing stands in the way of oil price declines, leading to lower prices for consumers,” US President Joe Biden said on Wednesday, Aug. 11.

 

In July, OPEC agreed to boost output each month by 400,000 barrels per day over the previous month, starting in August.

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