Oil closes 2% higher; WTI crude exceeds $83

Oil drilling rigs

Oil extended gains today, July 1, as OPEC+ policies to voluntarily cut oil production by 2.2 million barrels per day will remain in place until the end of September.

Brent crude for September delivery (the most active) rose by 1.9%, or $1.60, to $86.60 a barrel.

WTI crude for August delivery surged 2.25%, or $1.84, to record $83.38 per barrel.

According to S&P Global data, the Caixin Manufacturing Purchasing Managers' Index rose to 51.8 points in June from 51.7 points in May, the highest pace of growth in the sector since May 2021.

OPEC produced an average of 26.98 million barrels per day in June, or 80,000 barrels per day less than in May, Bloomberg survey showed. The decline was driven by a marginal fall in output from Iraq and Nigeria.