These Are Things Oil Investors Need To Know Before The OPEC Meeting - Kakiforex.com - Financial Market Media No. 1 in the World These Are Things Oil Investors Need To Know Before The OPEC Meeting These Are Things Oil Investors Need To Know Before The OPEC Meeting
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July 1, 2021

These Are Things Oil Investors Need To Know Before The OPEC Meeting

 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.