Oil prices rose in Asian trading on Wednesday, thanks to expectations that major producers will continue production cuts at the OPEC+ alliance meeting scheduled for next Sunday, as well as expectations of increased fuel consumption as the peak demand season begins in the summer.
Brent crude futures for July delivery rose 15 cents, or 0.2 percent, to$84.37 a barrel. U.S. West Texas Intermediate crude futures for July rose 25 cents, or 0.3 percent, to $80.08.
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and its allies including Russia, is expected to maintain voluntary production cuts totaling about 2.2 million barrels per day.
Source (Al-Arabiya.net Website, Edited)
