Oil achieves gains of nearly 2%, and natural gas rises 6% within a week

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Mubasher – Mustafa Reda: Oil trimmed its gains when settling trading today, Friday, bringing the “NYMEX” crude contracts for July delivery by 0.9 percent, or 62 cents, to record $70.91 a barrel, after it had risen to the highest level of $71.

NYMEX crude futures achieved a weekly gain – for the third time in a row – by 1.9 percent, the highest level since October 2018.

And Brent crude futures rose 0.3 percent, or 17 cents, to $72.69 a barrel, by 7.43 pm GMT.

Natural gas futures contracts ended trading today, gaining 15 cents, up 4.7 percent, at the level of $3.30 per million British thermal units, with weekly gains greater than 6 percent.

The performance of crude in global markets comes after the International Energy Agency confirmed in its monthly report that the “OPEC +” group of countries It needs to ramp up production to meet demand, with expectations of a recovery and pre-pandemic levels by the end of 2022.

“OPEC + needs to open the taps to maintain adequate supplies from global oil markets,” the agency said.

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