US crude futures rise $1.29/bbl on OPEC agreement

14 June 2012 21:48  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $83.91/bbl on Thursday, up $1.29 versus the previous close, in response to OPEC reaching an agreement to keep production quotas unchanged at 30m bbl/day for the second half of the year.

OPEC is currently producing 1.6m bbl/day more than the quota, which means that supplies will have to be scaled back.

Prices had started to rise early in the day as they tracked a rally in the stock market on upbeat expectations that Greece will remain in the eurozone.

A dip following released data showing a rise in unemployment claims was short lived.

Upside momentum drove July crude up to $83.95/bbl, before running out of steam.

The July ICE Brent contract expired at the end of the session, topping out at $97.80/bbl and settled at $97.03/bbl, down 10 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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