Oil up over drop in US stocks as investors await new output policy of OPEC+

Anadolu Agency | Jul 1, 2021 at 1:06 PM
  • Oil prices raised on Thursday on a more-than-expected drop in US crude oil inventories, although investor caution is dampening further price hikes ahead of the OPEC decision on production quotas after July.
  • American benchmark West Texas Intermediate (WTI) was at $73.92 per barrel at the same time for a 0.61% increase after it ended the previous session at $73.47 a barrel.
  • The larger-than-anticipated drop in crude oil stocks in the US, the world’s largest oil consumer, was the main driver of the limited oil price increase, as such reductions signal an uptick in demand in the country.