Oil prices closed higher on Tuesday, prompting concerns that Saudi Arabia and the United Arab Emirates did not have much room to increase production to cover Russian oil losses.
In particular, the crude for August delivery gained $ 2.19 or 2% and closed at $ 111.76 a barrel on the New York Mercantile Exchange. This is the highest closing since June 16.
Brent crude for August delivery was up $ 2.89, or 2.5 percent, at $ 117.98 a barrel on the ICE level, the highest level since June 16.
The September contract, the most active, added $ 2.82, or 2.5%, to $ 113.80 a barrel.
The prices were supported by reports of a statement by French President Emanuel Macron on the sidelines of the G7 summit in Germany that Saudi Arabia and the United Arab Emirates have limited room to boost production in the short term.
Source: Capital
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