Oil prices pushed up yesterday supported by a drop in U.S. commercial crude inventories, according to report by the American Petroleum Institute (API). U.S. crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report.
Brent crude futures, the international benchmark for oil prices, were at $75.30 per barrel, up 22 cents, or 0.3 per cent, from their last close, while U.S. West Texas Intermediate, WTI, crude futures were at $65.34 a barrel, up 27 cents, or 0.4 percent.
Looming large over markets, however, was a June 22 meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC), together with some other producers including Russia, to discuss forward supply policy.
De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russia, which is not a member of the cartel but the world’s biggest oil producer, are pushing for looser supply controls, which were introduced in 2017 to prop up…
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