Oil Prices Rise By 1.33% To $123 Per Barrel

Brent crude, rose yesterday  by 1.33% to $123.90 per barrel immediately after OPEC released its Monthly Oil Market Report, stating that there was a decline in the production of crude oil in the month of May 2022

Production decline from Nigeria and several other OPEC member countries have been responsible for the decrease in the group’s crude oil production according to the report.

The market reacted to the data with a rebound in oil prices. WTI had risen 1.27% to $122.50, while Brent crude had risen 1.33% to $123.90 per barrel.

OPEC did lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday.

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