OIL PRICE: BRENT BELOW $112, WTI BELOW $109
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent rose 88 cents, or 0.8%, to $111.78 a barrel, WTI climbed 84 cents, or 0.8%, to $109.10 a barrel.
Brent and WTI are on track to rise for a second week in a row, buoyed by the EU's proposal to phase out supplies of Russian crude oil in six months and refined products by the end of 2022. It would also ban all shipping and insurance services for transporting Russian oil. The plan still requires unanimous backing from the 27 countries in the bloc.?
On supply, the Organization of the Petroleum Exporting Countries, Russia and allied producers, known as OPEC+, agreed as expected to another modest monthly increase in oil output.?
Ignoring calls from Western nations to hike output more, OPEC+ agreed to raise June production by 432,000 barrels per day, in line with its plan to unwind curbs made when the pandemic hammered demand.
Investors are also eyeing higher demand from the United States this fall as Washington unveiled plans to buy 60 million barrels of crude for its emergency stockpiles.?