U.S. Crude Futures Top $75 for First Time Since October 2018

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West Texas Intermediate crude futures topped $75 a barrel for the first time since October 2018, with OPEC and its allies expected to agree on a gradual path of output hikes.

Futures in New York advanced as much as 2.2% to 75.05 a barrel, and traded at $74.99 as of 11:55 a.m. London time.

OPEC+ may raise output by less than 500,000 barrels a day each month until December, Reuters reported. That would suggest the group adds just a fraction of the supply that’s needed in August.

A slow resumption of output by OPEC+ would bolster bullish calls in the market, with some banks and traders expecting prices to reach $80 over the summer. It could also spur further inflation as fuel demand rebounds from the pandemic, tightening the oil market.

©2021 Bloomberg L.P.

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