Jan 13, 2025 2:45 a.m.

Oil market settled lower on potentially higher production output from OPEC

Oil market settled lower on potentially higher production output from OPEC

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International benchmarks for crude oil concluded the trading session on Tuesday, 31 May 2022 with losses after a report that OPEC+ members are exploring the idea of excluding Russia from the production output deals. Meanwhile, media reports said some OPEC members are planning to increase capacity to make up for the supply gap left by Russia.

Brent contract for August fell $2 or 1.7% to settle at $115.60/barrel. 

Meanwhile, the July delivery contract for Brent, which expired on Tuesday, added $1.17 to close at $122.84/barrel.

WTI returned from the Memorial Day holiday to close at 40 cents lower than last Friday, at $114.67/barrel.