Oil is Now $120 a Barrel
Oil prices continue to rise today after Saudi Arabia raised the prices of its supplies for July and made it clear that the market remains tense despite last week's agreement with OPEC + countries to increase production by more than previously agreed, Reuters reported, quoted by BTA.
North Sea Brent futures rose 91 cents, or 0.8 percent, to $120.63 a barrel. Earlier in the day, the price had reached $121.95.
US light crude rose 93 cents, or 0.8 percent, to $119.80 a barrel, up from a three-month high of $120.99 earlier in the day.
Saudi Arabia raises the official selling price (OSP) of its "Arabian drug" for Asia to $6.50 premium from the average of the benchmarks in Oman and Dubai at a premium of $4.40 in June, the state oil company Aramco said yesterday. The July premium is the highest since May due to fears that there may be problems with Russian supplies.
The increase comes despite the decision of OPEC + countries to increase production in July and August by 648,000 barrels per day, which is more than 50 percent more than previously planned.
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