Oil hits over 1-year high on OPEC+ supply discipline, demand prospects – Reuters

  • Date: 03-Jun-2021
  • Source: Reuters
  • Sector:Oil & Gas
  • Country:Gulf
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Oil hits over 1-year high on OPEC+ supply discipline, demand prospects – Reuters

Oil prices surged on Wednesday, hitting their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.

Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.

U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 during the session, its highest since October 2018.