The price of a barrel of crude in New York reached a maximum since October 2018 on Wednesday, driven by demand for black gold in the world and OPEC +.
A barrel of WTI for delivery in July closed at 68.83 dollars, an increase of 1.64%.
In London, a barrel of Brent from the North Sea for delivery in August ended its part at 71.35 dollars, up 1.57%, a maximum since May 2019.
“Oil prices keep their gains,” observed Naeem Aslam, an analyst at Avatrade, after an OPEC + summit on Tuesday with no surprises.
Opec + members decided to keep pace with increasing their crude production for July, without giving any indication of the following months or addressing the potential return of Iranian oil to the market.
The current strategy consists of a progressive increase between May and July that adds up to almost 1.2 million barrels per day, to which is added one million barrels voluntarily withdrawn by Saudi Arabia at the beginning of the year.
Opep +, an alliance sealed at the end of 2016 between the 13 States of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and ten allies, including Russia, held a first meeting of the monthly monitoring committee of the current group production reduction agreement (JMMC) and then held a brief ministerial summit.
Following this encounter, oil rose on Tuesday.
With the progressive reopening of some economies, “the market sees a rebound in demand for crude oil in the world,” said Andy Lipow of Lipow Oil Associates.
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