Crude oil news today

Here are the latest crude oil news updates:

Market Update

• As of 10:30 AM EST, the price of West Texas Intermediate (WTI) crude oil is trading at $63.44 per barrel, up 0.6% from yesterday's close.
• Brent crude oil is trading at $66.44 per barrel, up 0.5% from yesterday's close.

News

• OPEC+ agrees to increase oil production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to increase oil production by 500,000 barrels per day (b/d) in July, according to a report by Bloomberg. This decision is seen as a compromise between OPEC+ members, with some countries pushing for a larger increase and others seeking a smaller one.
• US oil rig count rises: The number of oil rigs operating in the United States rose by 10 to 683 last week, according to data from Baker Hughes. This is the highest level since March 2020.
• Iran's oil exports rise: Iran's oil exports rose to 1.3 million barrels per day (b/d) in May, up from 1.1 million b/d in April, according to data from the International Energy Agency (IEA). This is the highest level since the US withdrew from the Iran nuclear deal in 2018.
• Libya's oil production falls: Libya's oil production has fallen to around 1.2 million b/d, down from 1.4 million b/d in May, due to maintenance issues and protests at several oil fields, according to a report by Reuters.
• US crude oil inventories rise: The US Energy Information Administration (EIA) reported that crude oil inventories rose by 2.5 million barrels last week, to 444.4 million barrels. This is higher than the 1.5 million barrel increase expected by analysts.

Analysis

• Oil prices may struggle to break above $70: Despite the recent increase in oil prices, some analysts believe that prices may struggle to break above $70 per barrel due to concerns about global demand and the ongoing pandemic.
• OPEC+ production increase may not be enough: The increase in oil production by OPEC+ may not be enough to meet growing demand, according to some analysts. This could lead to a further increase in oil prices.