Oil prices rising on optimism for demand

Global oil prices are rising on June 25 morning, supported by a rapid recovery in demand as global quarantine restrictions eased, according to trading data, Report informs referring to Prime.

As of 9:00 a.m. (GMT+4), the price of August futures for the North Sea Brent crude oil blend grew by 0.09 percent to $75.63 per barrel, while the cost of August futures for WTI oil rose by 0.08 percent, to $73.36 a barrel.

Oil continues to rise in price for the third trading session in a row. At the same time, over the week, the cost of Brent crude has already increased by 2.9 percent, and the price of WTI oil grew 2.4 percent.

The positive dynamics of oil prices continue to be supported by the recovery in demand, which is rapidly gaining momentum. At the same time, the supply remains at the same level, which also affects the growth of oil prices.

Analysts note that in this case, investors are awaiting decisions on increasing production by the OPEC+ alliance, which is expected to meet next week.

“The demand recovery has been swift, and there is pressure on OPEC+ to release more barrels, otherwise we might see $80 a barrel by next month,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore.