Oil prices fluctuate in anticipation of OPEC+ decisions

Global oil prices on July 2 morning are fluctuating around the July 1 closing level, investors are awaiting the decisions of the OPEC+ alliance, according to trading data, Report informs.

As of 8:56 (GMT+4), the price of September futures for the North Sea Brent crude oil blend decreased by 0.09 percent – to $75.77, the cost of August futures for WTI oil fell 0.01 percent, to $75.22 per barrel.

Investors had expected the OPEC alliance on July 1 to decide on production parameters in August, but later the meeting was postponed to July 2. It was noted that the meeting of the OPEC+ monitoring committee was delayed since the UAE didn’t agree with its base for counting production cuts.

“Another OPEC+ implosion like last April is unlikely,” Vandana Hari, founder of oil consultancy Vanda Insights, told Bloomberg. “They have worked too hard over the past year to ditch the pact in a huff at this stage. I expect the tentative deal between Saudi Arabia and Russia to go through, but some sort of concession may be made to the UAE.”