Dubai – Masaader News
Oil prices rose on Friday and Brent crude for August delivery surged more than 1% to $ 73.80 a barrel as the OPEC meeting results awaited, according to a report published by Mubasher.
US Nymex futures for August delivery rose by 1% to $ 66.18 a barrel.
Investors are eyeing the results of a meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-Opec producers held today, amid strong prospects for increased production with support from Saudi Arabia and Russia by reducing the agreement of cutting output by 1.8 million bpd, according to Mubasher.