Gas pumps at a gas station in Mont-de-Marsan, France, on January 23, 2023. (Credit: Stephane Mahe/Reuters.)
Oil prices surged on Monday, as the market was relieved that the production increase announced Saturday by Opec+ was not higher than anticipated, while remaining attentive to discussions on Iranian nuclear issues and the conflict in Ukraine.
Around 1:25 p.m. GMT (3:25 p.m. in Paris), a barrel of West Texas Intermediate, the American benchmark, for July delivery, gained 4.87% to $62.75, after briefly exceeding a 5% increase. The price of a barrel of Brent from the North Sea, for August delivery, rose 4.51% to $65.61.
Oil prices surged on Monday, as the market was relieved that the production increase announced Saturday by Opec+ was not higher than anticipated, while remaining attentive to discussions on Iranian nuclear issues and the conflict in Ukraine.
Around 1:25 p.m. GMT (3:25 p.m. in Paris), a barrel of West Texas Intermediate, the American benchmark, for July delivery, gained 4.87% to $62.75, after briefly exceeding a 5% increase. The price of a barrel of Brent from the North Sea, for August delivery, rose 4.51% to $65.61.
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