Oil prices surged beyond $75 on Thursday as the Organisation of Petroleum Exporting Countries and its allies reached a tentative agreement to add limited supplies to the market in the coming months. The International crude oil benchmark, Brent Crude, traded at $75.74 per barrel after gaining $1.12 while the U.S West Texas Intermediate rose by $1.14 to trade at $74.97 as of 5:39 pm Nigerian time on Thursday. The proposal under discussion would add about two million barrels per day to the cartel’s output between August and December, delegates told Bloomberg and Reuters. “The OPEC+ alliance keeps around 5.7 million barrels per day off the market. It will have returned by end of July two million barrels per day of supply recorded from May, as per the agreement earlier this year.

Source: Punch July 01, 2021 23:32 UTC