Business

Oil prices rally amid OPEC meeting

Oil prices surged on Friday as
investors were closely watching the ongoing OPEC (the Organization of the
Petroleum Exporting Countries) meeting.

The West Texas Intermediate for August delivery rose 3.04 U.S. dollar to
settle at 68.58 dollars a barrel on the New York Mercantile Exchange, while
Brent crude for August delivery was up 2.50 dollar to close at 75.55 dollars
a barrel on the London ICE Futures Exchange.

OPEC and its allied oil producers including Russia meets on June 22 in
Vienna for a two-day meeting. Saudi Arabia said the group had agreed on a
nominal output rise of around 1 million barrels per day, according to
Reuters.

Analysts said the number was below the highest figures that investors had
anticipated, which set a bullish tone in the market on Friday.