WTI Oil Surges To 1-Month High Above $70

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WTI Oil Surges To 1-Month High Above $70

WTI oil prices break out of weeklong ranges, jumping 2.4% to a one-month-high $70.23 a barrel as investors decide OPEC’s decision yesterday not to raise output by more than it initially planned tees up a price-supportive, supply-and-demand balance. The Biden administration wanted the OPEC-plus group to ramp up output increases so gasoline prices could fall. “It was the Russians who said we’re not going to heed the US request,” says Spartan Capital’s Peter Cardillo, noting OPEC’s decision was made easier by the Delta variants’ impact on oil demand and hurricane-related issues. “Crude Spot Oil prices are up over 2% and could easily top $75 in the coming days.”