Energy News

Oil prices continue to rise after OPEC meeting

Azerbaycan24 – As of early June 2, world oil prices continue to rise following the OPEC+ decision to maintain the transaction parameters, Report informs, citing Prime.

As of 8.54 (GMT +4), the price of the North Sea Brent oil mixture August futures grew by 0.17% to $70.37 per barrel. WTI July futures rose in price by 0.12%, up to $67.8 per barrel. On Tuesday, the rise in oil prices was 1.5-2%.

Traders continue to evaluate the results of the OPEC+ meeting. As a result of the meeting on Tuesday, the alliance retained the previous parameters of the deal; that is, it will slightly increase production in July. At the same time, Russian Deputy Prime Minister Alexander Novak said that OPEC + raised its forecast for growth in oil demand in 2021 to 6 million barrels per day from 5-5.5 million.

Oil prices rise in early Asian trading after news that OPEC + has agreed to stick to a plan to increase production gradually. The market is likely to focus on the next OPEC + meeting on July 1.

If vaccinations in Asia and Europe continue, and the risks of spreading new COVID-19 strains are not too high, the alliance may insist on a more significant increase in oil production, experts say.

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