Oil prices are holding around a three-year high as the market focus is now targeted at today’s OPEC+ meeting which will determine the direction of crude oil production in the coming months.
The benchmark Brent crude oil futures traded positive at $ 74.80 a barrel, while US WTI futures strengthened around $ 73.70 a barrel towards the end of the Asian session.
WTI was up more than 10% in June while Brent added more than 8%, touching its highest level since 2018, as fuel demand is recovering.
OPEC+ is expected to increase crude oil production by around 550,000 barrels a day at the July session meeting, which will take effect from August.
Earlier, the OPEC + Joint Technical Committee (JMMC) projected that global crude oil demand is expected to increase by 6 million barrels a day this year, with 5 million barrels a day coming from the second quarter of 2021.
Meanwhile, data from the Energy Information Administration (EIA) continued to report a decline in U.S. crude oil supplies last week, with a fall of 6.7 million barrels.
