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June 28, 2021

Strong Black Gold Ahead of OPEC+ Meeting

 Crude oil prices continued to trade strong after hitting the latest three -year high in the Asian session, as investors await the OPEC+ meeting later this week.


US WTI crude futures fell to $ 74 a barrel, after hitting $ 74.40 a barrel earlier in the session. While Brent oil traded slightly down at $ 76 a barrel, after a rise at $ 76.50 previously.


The OPEC+ meeting on July 1, will see discussions of major exporting countries on crude oil production in August.



Last week, two OPEC sources said that production was likely to increase further in August as the oil market continued to show recovery.


Oil prices have risen around 50% this year, supported by the prospect of rising global demand and vaccination advances that allow more restrictions to be opened.


However, investors are also watching developments on the spread of the Delta Covid-19 variant which has spread to several major countries, including Australia and the UK.


Australia was forced to implement a closure measure in Sydney after a sharp increase in cases of infection in the country believed to be due to the Delta variant due to its rapidly spreading rate of infection.