Futures for crude oil recovered slightly Wednesday but hovered near a four-month low as a decision by the Organization of the Petroleum Exporting Countries and their allies (known as OPEC+) to increase production later this year continued to weigh on the market.
U.S. crude and global benchmark Brent are down more than 4% this week after eight OPEC+ members agreed Sunday to gradually phase out 2.2 million barrels per day in production cuts.
Today’s prices include: West Texas Intermediate July contract: $73.64 a barrel, up 39 cents of 0.53%. Year to date, U.S. crude oil is up 2.7%.
Brent August contract: $77.93 a barrel, up 41 cents, or 0.53%. Year to date, the global benchmark is up 1%.
RBOB Gasoline July contract: $2.33 per gallon, down 0.65%. Year to date, gasoline futures are up 11%. Natural Gas July contract: $2.63 per thousand cubic feet, up 1.73%. Year to date, natural gas is up 4.9%.
