Baghdad Oil prices rose today, Tuesday, after the Organization of the Petroleum Exporting Countries reduced the pace of production increases expected last month, while China, the world’s largest oil consumer, raised refinery operating rates to meet the rising demand for diesel.
Brent crude futures rose 28 cents, or 0.3%, to $84.99 a barrel.
US West Texas Intermediate crude futures rose 19 cents, or 0.2%, to $84.24 a barrel.
Oil rose to its highest levels in several years last week, supported by the recovery in demand after the Coronavirus pandemic, and the adherence of the Organization of the Petroleum Exporting Countries and its allies led by Russia, in what is known as the OPEC + grouping, to gradual monthly increases in production of 400,000 barrels per day, despite calls by major consumers to pump more of oil.
Source: National Iraqi News Agency