Oil prices continue to rise after OPEC + meeting

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.

The weekly statistics on US commercial oil reserves for the past week will be released on Thursday. The release has been rescheduled from Wednesday, as Monday was a day off. Analysts expect a decline in inventories by 2.1 million barrels against the previous decline of 1.7 million. On late Thursday, the American Petroleum Institute (API) will publish its estimate.