NEW YORK, June 2, 2022 (Xinhua) Oil prices rose on Thursday as traders digested US fuel stocks data and the latest OPEC+ decision on production.
West Texas Intermediate crude for July delivery rose 1.61 US dollars, or 1.4 percent, to close at 116.87 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $1.32, or 1.1 percent, to close at $117.61 a barrel on the London ICE Futures Exchange.
The rise came despite the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to increase oil production by a larger amount in July.
On Thursday, the group agreed to increase production by 648,000 bpd in July, exceeding the previous monthly increases of 432,000 bpd.
Meanwhile, prices got a boost from a larger-than-expected drop in US crude inventories.
On Thursday, the US Energy Information Administration reported that the country’s crude oil inventories fell by 5.1 million barrels during the week ending May 27. Analysts polled by the “Wall Street Journal” expected a decline in US oil stocks by 500,000 barrels.