US crude heads for sixth weekly gain on tight US supplywhich generated the debate to curb fuel exports or to apply a tax to producers of Petroleum and gas.
This Friday it was also known that the Organization of Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC +, agreed to increase production by 648,000 barrels per day (bpd) per month in July and August, instead of the agreed 432,000 bpd.
OPEC + divided the rise among its members and included Russia, whose output is falling due to sanctions and because some buyers are avoiding their crude because of the Ukraine invasion, suggesting the increase will fall short.
A weekly inventory report on Thursday showed US crude stockpiles fell by 5.1 million barrels.more than expected, and that gasoline inventories also fell, underscoring the tight supply.
Source: Ambito
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