Daily Times

Crude oil prices went up for the second consecutive day on Wednesday after a meeting of the OPEC+ decided on the continued implementation of the production adjustment decisions. At 1210 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $66.97 a barrel after gaining 0.83 percent. Likewise, the US West Texas Intermediate (WTI) crude futures gained 1.02 percent to reach $63.58 a barrel. The price for Opec Basket was recorded at $63.22 a barrel with 0.64 percent decrease, Arab Light was available at $65.58 a barrel with 0.91 percent increase while price of Russian Sokol increased 0.23 percent to reach $65.49 a barrel. The OPEC and non-OPEC ministerial meeting of the declaration of cooperation (DoC) Tuesday decided on the continued implementation of the production adjustment decision taken during the previous meeting. The meeting emphasised the ongoing positive contributions of the DoC in supporting a rebalancing of the global oil market in line with the historic decisions taken earlier to adjust downwards overall crude oil production, and subsequent decisions. The meeting highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support, while noting that the recovery is expected to pick up speed in the second half of the year.