WTI crude futures ended a volatile session 0.8% higher at $119.41 per barrel on Tuesday, remaining close to a 14-year high of $126.4 a barrel hit in March buoyed by tight supplies and the prospect of rising demand from the relaxation of China’s covid curbs and the summer driving season in the US. OPEC+ decided to raise output for July and August by 648,000 barrels per day, or 50% more than previously planned, but there is a market belief that many members will not be able to raise production. Adding to voes, Saudi Arabia raised July crude prices for its Asian buyers to higher-than-expected levels.
