Crude oil futures rose modestly, pay attention to next week’s OPEC Plus meeting

Crude oil futures rose modestly, pay attention to next week’s OPEC Plus meeting

Crude oil futures rose slightly in Asian trading on the 25th. If this trend is maintained, it is expected to rise for the fifth straight week. OPEC Plus, which consists of the Organization of Petroleum Exporting Countries (OPEC) and major crude oil exporting countries such as Russia, is cautious about further reducing cooperative production cuts after August, and demand growth will exceed supply. Is expected.

As of 0216 GMT (11:16 am Japan time), US WTI crude oil futures rose $ 0.08 (0.1%) to $ 73.38 a barrel. From the beginning of the week, it will increase by 2.4%.

North Sea Brent futures are up $ 0.07 (0.1%) to $ 75.63 a barrel. It has risen 2.9% since the beginning of the week.

Both WTI and Brent had the highest prices since October 2018 the day before.

The biggest focus will be on whether to further reduce cooperative production cuts from August at the OPEC Plus meeting on July 1.

Analysts need OPEC Plus to consider that the spread of new coronavirus vaccinations and the resumption of economic activity in the United States, Europe and China have increased demand for crude oil, offsetting the impact of the spread of infection in other regions. Point out that there is.

ANZ analyst notes predict a modest increase in supply of 500,000 barrels per day. “OPEC Plus will aim to strike a balance between market supply needs and vulnerabilities in demand expansion at next week’s meeting,” he said.

James Saenz has over 14 years experience in the financial services industry giving him a vast understanding of how news affects the financial markets. He is an active day trader spending the majority of his time analyzing earnings reports and watching commodities and derivatives. James gives us an insight into the latest Analyst news hitting the business and financial markets in Wall Street.

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