Oil rises, ignoring the continuation of “OPEC +” plans

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Crude oil prices rose in early trading on Wednesday, ignoring the decision of the “OPEC +” coalition to continue its plans to reduce production cuts as of next May.

The Ministerial Committee of the “OPEC +” coalition held its meeting on Tuesday, and the next meeting will be held on the 1st of next June.

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The rise in oil prices also comes in morning trading today, amid hopes that the rate of Coronavirus infections will begin to decline in India.

Which is ranked as the third largest importer of crude in the world, with countries such as the United States and France announcing assistance to New Delhi in its crisis.

At 07:10 GMT, global benchmark Brent crude futures for July delivery rose 0.46 percent, or 31 cents, to $ 66.19 a barrel.

Also, US West Texas Intermediate crude futures for June delivery rose 0.49 percent, or 31 cents, to $ 63.25 a barrel.

And in early April, the alliance, which includes members of the “OPEC” organization as well as independent producers led by Russia.

The implication is to ease production restrictions by 350,000 barrels per day in May, in order for the production cut to stabilize at about 6.65 million barrels per day.

The coalition will implement another easing to reduce production in June by another 350,000 barrels per day to 6.3 million barrels.

This follows another dilution of nearly 400,000 b / d to 5.85 million b / d in July.