Brent rises 1.26% amid supplies fears and anticipation of OPEC+ production

Oil prices witnessed an increase of more than 1% today, Wednesday, driven by fears related to supplies, as the OPEC+ coalition decided to keep its productive policy unchanged, while the United States prevented Chevron from exporting oil from Venezuela.

Brent crude increased at a settlement by 81 cents or 1.26% to $ 64.90 a barrel, while US West Texas Intermediate crude rose 95 cents or 1.56% to reach $ 61.84 a barrel.

The OPEC+alliance, which includes OPEC countries and allies, agreed to create a mechanism to determine production levels in 2027, but it has not made any immediate changes to its current policy.

Goldman Sachs analysts expected that production levels will remain unchanged in a upcoming meeting on Saturday, where eight OPEC+ countries are expected to decide to increase oil production for the month of July.

The risks remain on OPEC+supplies, especially in light of the chances of some countries that some countries do not adhere to their productive shares and weather conditions that may affect production.

This comes at a time when Restad Energy expects the demand to increase during the summer leadership season, supported by supplies as a result of forest fires in Canada.

On the American side, Chevron’s contracts have been completed in Venezuela, and with the continued global trade talks and nuclear files between the United States and Iran, prices may witness positive moves. It is scheduled to export US oil stock data soon, which analysts expect to rise by about 100,000 barrels last week.