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6/25, 7:38 PM (Source: TeleTrader)
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Oil prices rise over 2% after US data

Prices of oil futures increased by over 2% on Thursday after United States economic data sparked optimism that the oil demand may recover as continuing jobless claims decreased more than expected and the cost of orders received by manufacturers for durable goods jumped by more than 15%. Yesterday, Russia's Energy Minister Alexander Novak said that all members of the OPEC+ alliance that have failed to meet the oil reduction requirements in May revealed their plans to compensate for it in the coming months.

Brent for August deliveries gained 2.21% to go for $41.16 per barrel at 1:26 pm ET, while West Texas Intermediate (WTI) for settlements in the same month rose by 2.05% to sell for $38.79 one minute later.

Breaking the News / MS