Oil prices hold steady after sharp increase UPDATED

Oil prices fell slightly on June 11 as traders await OPEC's monthly market report, which will be published later in the day.

As of now, August Brent futures have fallen in price on the London ICE Futures exchange by $0.23 (0.28%) to $81.4 per barrel, Caliber.Az reports.

By this time, July futures for WTI had fallen in price on the NYMEX exchange by $0.22 (0.28%), to $77.52 per barrel.

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Oil prices maintained stability during the June 11 morning trading following a significant surge the day before.

According to Caliber.Az, August Brent futures on the London-based ICE Futures exchange were priced at $81.54 per barrel, showing a marginal decrease of $0.09 (0.11%) compared to the previous trading session's close. On Monday, these contracts experienced a notable increase of $2.01 (2.5%) to reach $81.63 per barrel.

Similarly, WTI oil futures for July on the New York Mercantile Exchange (NYMEX) saw a slight decline in price, down by $0.02 (0.03%) to $77.72 per barrel during electronic trading. The previous session had witnessed a robust rise, with these contracts climbing by $2.21 (2.9%) to settle at $77.74 per barrel.

Simultaneously, Azeri Light (CIF) experienced an increase in value on the global market.

The per-barrel price of Azeri oil surged by $1.66, marking a rise of 2.06%, reaching $82.35.