Oil prices rise ahead of OPEC+ decision on supply cuts – Reuters

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Gulf
  • Date: 01-Jul-2021
  • Source: Reuters
  • Sector: Oil & Gas
  • Country: Gulf
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Oil prices rise ahead of OPEC+ decision on supply cuts – Reuters

LONDON, July 1 (Reuters) - Oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year.

Brent crude gained 85 cents, or 1.1%, to $75.47 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was up 88 cents, or 1.2%, at $74.35.

WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

"In the first half of the year, the stage has been set for further improvement and for economic and oil demand growth," said Tamas Varga, oil analyst at London brokerage PVM Oil.

The OPEC+ group of oil producers meets on Thursday to decide on a further easing of output cuts next month and could also consider extending its

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