ADNOC Sets July Selling Price for Benchmark Murban Crude
Abu Dhabi National Oil Company (ADNOC) said on Friday that it had set its official selling price for its July benchmark Murban crude at $75.59 a barrel, in down from $84.11 in June, according to Reuters.
Oil Prices Rise as Saudi Arabia Pledges Production Cuts
Oil prices moved higher on Friday and were broadly stable for the week as Saudi Arabia’s pledge to cut production helped calm concerns about demand growth.
Brent and West Texas Intermediate Crude Oil Prices
At 09:32 GMT, i future Brent crude oil rose 36 cents, or 0.5%, to $76.32 a barrel, and US West Texas Intermediate crude rose 34 cents, or 0.5%, to $71.63 a barrel. barrel.
Abu Dhabi National Oil Company (ADNOC) has announced its official selling price for its July benchmark Murban crude at $75.59 a barrel, down from $84.11 in June, according to Reuters. While the price decrease is concerning for oil producers, oil prices rose on Friday and remained steady for the week. This is in large part due to Saudi Arabia’s pledge to cut production, which has eased concerns about demand.
Brent crude oil futures rose by 0.5% to $76.32 per barrel at 09:32 GMT on Friday, and US West Texas Intermediate crude increased by 0.5% to $71.63 per barrel. These gains were seen despite the news from ADNOC about its decreased selling price for July.
