NextGen Day

On Monday, oil prices rose as Saudi Arabia’s move to hike crude prices for its July sales raised supply fears, despite the OPEC+ group’s promise of a restricted output surge.

At 0640GMT, international benchmark Brent crude was trading at USD120.38 per barrel, up 0.55 percent from the previous session’s close of USD119.72 per barrel.

At the same time, the American benchmark West Texas Intermediate was trading at USD119.53 a barrel, up 0.55 percent from the previous session’s closing of USD118.87 per barrel.

As numerous Asian nations lifted coronavirus limitations, Saudi Arabia, the world’s top oil exporter, hiked oil prices for its Asian customers, putting supply pressure on prices amid rising demand and restricted supply in the region.

Saudi Arabia’s decision came after the OPEC+ group of 23 members agreed to boost oil output by about 50% starting in July, pushing Brent oil prices beyond USD120 per barrel.

OPEC+ ministers agreed on Thursday to add 648,000 barrels of oil to the market each day in July and August, up from 432,000 in recent months.

Iraq announced on Friday that it’s oil production will hit 4.58 million barrels per day in July and August, putting an end to supply problems.

The economy of the country is primarily reliant on crude oil exports, which account for more than 90% of its earnings.

According to Australia and New Zealand Banking Group (ANZ) commodity strategist Daniel Hynes, the paucity of supply comes as the market faces robust demand across most key regions.

He emphasized that the driving season in the United States got off to a solid start, with national highway travel returning to levels seen in 2019.

“In the United States, gasoline futures touched a new high of USD4.19 per gallon. He continued, “The market is also seeing a comeback in demand in China.”

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