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May 31, 2021

This is the development of oil prices ahead of the OPEC Meeting

 Despite a slight decline, oil prices remained traded higher in the Asian session, with market focus now focused on the Organization of the Petroleum Exporting Countries (OPEC) policy meeting, and its allies including Russia or better known as OPEC+ this week.


Brent crude futures remained strong above $ 69 a barrel, while US WTI traded stable around $ 66.70 a barrel.


Crude oil trade is poised for a second consecutive monthly rise following a strong demand recovery in the United States, China and parts of Europe, despite also facing a Covid-19 attack in Asia.



This can be seen from the US petrol stock which continues to show a decline and its consumption increases towards the start of the summer, which indicates that fuel demand will rise higher as more people go on holiday.


However, pressure from the prospect of increased oil supplies from Iran remains, with markets also awaiting further developments in talks between Tehran and Washington this week to revive a nuclear deal.


Meanwhile, at a meeting to be held on Tuesday, OPEC+ is expected to continue to stick to their plan to reduce supply cuts gradually until July.