Oil prices see small increase at week beginning June 24

Oil prices see small increase at week beginning June 24

WAAR_DUHOK

 

 

International benchmark Brent crude saw a slight increase up to $65.59 a barrel at 0627 GMT while American benchmark West Texas Intermediate (WTI) registered at $58.04, according to official figures on Monday.

On Friday, Brent crude traded at $65.31 a barrel while American benchmark West Texas Intermediate (WTI) was $57.53 per barrel.

Crude prices posted their biggest percentage gain on Thursday with Brent jumping 4.6% and WTI soaring by 6.8% after Iran shutdown an American reconnaissance drone, resulting in a response from U.S. President Donald Trump on Twitter who said that “Iran made a very big mistake!”

Meanwhile, the number of U.S. oil rigs increased by one this week from the previous week, according to data released by oilfield services company Baker Hughes on Friday.

The oil rig count in the U.S. reached 789 for the week ending June 21, from 788 the week before, the data showed. Subsequently, Brent closed Friday at $65.31 per barrel, marking a 1.13% increase over Thursday’s closing price of $64.58. WTI was also up on Friday by 0.52%, ending the day at $57.39 a barrel after closing the previous day at $57.09 per barrel.

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announced its agreement to move its next meeting to July 1, which would then by followed by a meeting with non-OPEC allies on July 2.

 

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