MOSCOW, May 7. /TASS/. The price of Brent futures contracts for July 2025 delivery on London's ICE was up by more than 1% at over $62.7 per barrel on Wednesday, according to trading data. The oil price has been gradually recovering losses following the decision by eight OPEC+ countries to increase crude production in June by 411,000 barrels per day amid expected trade talks between the US and China.
As of 8:23 a.m. Moscow time (5:23 a.m. GMT) the Brent price was up by 1.18% at $62.77 per barrel.
By 9:30 a.m. Moscow time (6:30 a.m. GMT) the price of Brent futures had extended gains to 1.31% as it reached $62.85 per barrel, while the price of futures contracts of WTI crude oil for June 2025 delivery was up by 1.39% at $59.91 per barrel.