The price increase follows a decision last week by Opec+ to boost output for July and August
London — Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased Opec+ monthly output target will help ease tight supply.
US West Texas Intermediate crude futures were up 40c, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99. The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called Opec+, to boost output for July and August by 648,000 barrels per day, or 50% more than previously planned.
“With only a handful of... Opec+ participants with spare capacity, we expect the increase inOpec+ output to be about 160,000 barrels per day in July and 170,000 bpd in August,” JPMorgan analysts said in a note.
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