OPEC+ assembly canceled, sending oil costs climbing increased
Oil prices climbed higher on the news. The price of Brent crude, the global benchmark which has has surged roughly 50% this year, rose another 1% to top $77 a barrel. No new date for a meeting was set after the announcement that that meeting was canceled.
“The date of the next meeting will be decided in due course,” said the official statement.
The high drama comes as Americans hitting the road for the Fourth of July holiday are greeted by a seven-year high in gasoline prices, adding to inflation headaches already hitting the economy. The average price of a gallon of regular gas in the United States stands at $3.13, up 95 cents, or 44%, from a year ago.
US oil prices finished above $75 a barrel on Thursday for the first time in nearly three years, and are now trading near $75.50. It’s a remarkable recovery from April 2020 when crude crashed to negative $40 a barrel.
The rebound has been driven in part by soaring demand for gasoline and jet fuel as the pandemic winds down and health…
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