Oil prices rise in anticipation of OPEC+ meeting

Global oil prices are rising slightly July 1 morning ahead of the OPEC+ meeting, according to trading data, Report informs referring to Prime agency.

As of 8:48 (GMT+4), the price of September futures for North Sea Brent crude oil blend grew by 0.16 percent to $74.74, the price of August futures for WTI oil - by 0.2 percent to $73.62 per barrel.

Traders will focus on the OPEC+ meeting later on July 1. Analysts believe that the alliance will increase production in August amid growing demand for crude.

The market situation at the moment contributes to the growth of oil prices and oil products. On the one hand, there is a sharp increase in demand, particularly from the US, where quarantine restrictions are gradually being lifted. On the other hand, the supply level remains practically unchanged. In this regard, experts note a possible shortage of crude this year.

“If demand keeps going the way it’s going, we’re definitely going to see tight supplies for both oil and products in the fourth quarter,” said Phil Flynn, senior market analyst at Price Futures Group.