Crude traded lower at $ 120 a barrel earlier in the day after Saudi Arabia’s decision to raise prices for its customers in Europe and Asia.
In particular, the crude for July delivery lost 37 cents, or 0.3%, to close at $ 118.50 a barrel on the New York Mercantile Exchange. At the high of the day the contract climbed up to 121 dollars.
Brent crude for August delivery fell 21 cents, or 0.2 percent, to $ 119.51 a barrel on the ICE Futures exchange.
July gas jumped 9.4% to $ 9,322 a million British thermal units. This was the highest closing for the nearest contract since August 2008.
On Sunday, Saudi Arabia increased the official selling price for its customers in Europe, the Mediterranean and Asia. The move followed OPEC + ‘s decision last week to boost cartel production by 648,000 barrels a day in July and August.
Source: Capital
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