World Oil Prices Rise Ahead of OPEC+ Meeting

Jakarta,- World oil prices rose on Tuesday trading local time (Wednesday WIB), ahead of the OPEC + meeting.

As reported by, Wednesday, May 29, 2024, the price of West Texas Intermediate (WTI) oil for July 2024 delivery rose USD2.11 or around 2.7 percent to USD79.83 per barrel on the New York Mercantile Exchange.

While the price of Brent crude oil for July 2024 delivery increased by USD1.12 or about 1.4 percent to USD84.22 per barrel on the London ICE Futures Exchange.

The OPEC+ meeting will take place on June 2. The meeting is expected to result in a decision to extend voluntary production cuts by 2.2 million barrels.

In addition to the OPEC+ meeting, world oil prices are also affected by the weakening of the United States (US) dollar exchange rate which makes commodities traded in that currency cheaper for owners of funds in other currencies.

Sources :  May 29.24

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