Oil prices growing on OPEC+ decisions

Global oil prices accelerated growth on June 2 afternoon, while traders continue to assess the prospects after OPEC+ decision to keep the parameters of the agreement on production cut, according to trading data, Report informs referring to Prime agency.

After a slight rise in prices in the morning, as of 13:22 (GMT+4), the price of August futures for North Sea Brent oil blend was already growing by 0.94 percent, to $70.91 per barrel, and July futures on WTI oil - by 0.78 percent to $68.25 per barrel.

The most important factor for the oil markets is the OPEC+ meeting the day before and its results. According to its results, the alliance retained the previous parameters for limiting oil production. That is, it will slightly increase output in July. Further plans will become known at the next meeting on July 1.

OPEC+ has said little about its plans after July. This is partly due to uncertainty over whether and when Iranian supplies will return to the market, ING analyst Warren Patterson said.

On June 3, the publication of data on commercial oil reserves in the US is expected. Analysts estimate the decline in the figure for the week by 2.1 million. On June 3 night, the American Petroleum Institute (API) will give its estimate of reserves.