petroleum revenue
oil money

Oil prices ended higher on Monday as investors were awaiting the upcoming OPEC (Organization of the Petroleum Exporting Countries) meeting.

The West Texas Intermediate for July delivery was up 0.79 dollar to settle at 65.85 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 1.90 dollars to close at 75.34 dollars a barrel on the London ICE Futures Exchange.

OPEC and its allied oil producers including Russia will meet on June 22 in Vienna, Austria. It was expected that the major exporters would discuss whether to withdraw from the current output-cut deal.

On the data front, the number of rigs operating in U.S. oil fields added by one to a total of 863 rigs this week, marking the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday. Enditem

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.