Oil rises amid supply concerns

26/06/2023 Argaam

Oil prices rose on June 26 amid supply concerns on failure of Wanger revolt.

 

President Vladimir Putin on Monday extended until the end of 2023 the Russian government’s response measures to a price cap on Russian oil and oil products imposed by Western countries, Reuters reported.

 

OPEC expects global oil demand to rise to 110 million barrels per day (bpd) by 2045 and oil to account for nearly 29% of the energy mix by then.

 

Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO and President Amin Nasser said.

 

Brent crude for August delivery rose 0.45%, or $0.33, to close at $74.18 a barrel.

 

Meanwhile, WTI contracts for August inched higher 0.3%, or $0.21, to $69.37 a barrel.

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