Baku, Azerbaijan, July 11
By Leman Zeynalova – Trend:
World oil prices are going up slightly on July 11 amid the expected growth of crude demand, as well as the possible participation of Libya and Nigeria in OPEC meeting.
The price for September futures of Brent crude oil has increased by 0.28 percent to $47.01 per barrel as of 05:49 (UTC +4).
This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.23 percent and stood at $44.50 per barrel.
The expected rise in oil demand in coming weeks has pushed the prices up, Reuters reported citing traders. At the same time, investors remain optimistic amid the invitation of Libya and Nigeria to the meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) to be held in St. Petersburg on July 24.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
Follow the author on Twitter: @Lyaman_Zeyn