The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude gives up early revenues, although market is still backed
On Wednesday, crude prices gave up some early revenues because experts warned of a downward correction, although remained well backed on the back of tightening supply as well as strong global demand
Tighter fundamentals have raised both benchmarks approximately 13% above levels in early December, underpinned by output curbs by OPEC as well as Russia, and also by healthy demand surge.
Brent crude futures showed $69.23 a barrel, adding 8 cents from their previous settlement, although sliding from a maximum of $69.37 in the day. On Monday, Brent added to $70.37 a barrel, which happens to be its highest value since December 2014 - the very beginning of a three-year crude price dive.
American West Texas Intermediate crude futures demonstrated $63.84 a barrel, losing from a maximum of $63.89 earlier, although growing 11 cents from their previous close. On Tuesday WTI showed $64.89, which is the highest reading since December 2014.
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