Brent crude oil prices rose as OPEC+ members met Thursday to discuss production policy for July amid a decline in Russian output. The oil market kept a close eye on the meeting, which includes the 13 Organization of the Petroleum Exporting Countries (OPEC) nations and 10 non-OPEC partners, including Russia.
August futures of Brent crude, the global oil benchmark, were trading at $117.59 per barrel as of 5:30 pm UTC, June 2, up from the day’s opening of around $114.41. Since falling below $100 per barrel in mid-March, Brent oil prices have largely traded above the level. In the past few days, an uptrend has formed, although oil prices fell immediately ahead of the OPEC+ meeting. Compared to May 11, when oil was trading at around $101.45, current prices are up by more than 14 percent.
