The cost of July futures for Brent oil on the London ICE Futures exchange has reached $83.47 per barrel, Report informs via Interfax.
This is $0.11 (0.13%) higher than at the close of previous trading.
On Monday, these contracts rose by $0.57 (0.7%) to $83.36 per barrel.
WTI crude oil futures for June rose in price by $0.1 (0.13%) to $79.22 per barrel in e-trading on the New York Mercantile Exchange (NYMEX).
According to the results of previous trading, the cost of these contracts increased by $0.86 (1.1%) to $79.12 per barrel.
Traders' attention on Tuesday was focused on OPEC's monthly report on the oil market. In addition, they continue to assess the likelihood of the alliance extending current restrictions at a meeting on June 1.
Iraqi Oil Minister Hayyan Abdulghani said last Saturday that his country has “already reduced production sufficiently” and is not ready for further cuts. However, on Sunday the minister changed his rhetoric, saying that the decision to extend the voluntary production limit would be made by OPEC countries, and Baghdad would adhere to it.
