Reported 12 months ago
Oil prices increased by about 1% as larger-than-expected decline in U.S. crude stocks was reported, with Brent crude settling at $87.34 a barrel and U.S. West Texas Intermediate at $83.88. Despite concerns about rising global inventories and muted market reaction due to lower trading volumes ahead of Independence Day, prices were supported by potential supply disruptions from Hurricane Beryl. However, OPEC's increased output in June and dampened economic activities in China and the eurozone contributed to the dampening of prices.
Source: YAHOO