Oil settles shy of $120 a barrel on OPEC+ deal, #Saudi pricing | Reuters

Oil settles shy of $120 a barrel on OPEC+ deal, Saudi pricing | Reuters

Oil prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply.

Brent crude fell 21 cents, or 0.2%, to settle at $119.51 a barrel after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.3%, to settle at $118.50 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session.

Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in supplies from Russia. read more