Crude futures prices extend upward trend

As of August 11, 07:50 (UTC+3), Brent Crude futures price were trading 0.47% higher to settle at $ 45,2 a barrel on the London-based ICE Futures Europe Exchange.

Light Sweet Crude (WTI) futures for September delivery on the New York Mercantile Exchange rose 0.76% to close at $ 42,26 a barrel.

OPEC+ approved on April 12, 2020, new oil output cut by 9.7 million bpd in May-June, 7.7 million bpd in the second half and 5.8 million bpd by May 2022.

Then on June 6, 2020 the organization agreed to extend oil production curbs by 9.7 million bpd utill the end of July.

Besides, Iraq on August 7 announced its plans to reduce oil output by 1.25 million bpd by (-400 000 barrels over the quota within OPEC+.