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LONDON OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, five OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
The Organization of the Petroleum Exporting Countries and allies – known collectively as OPEC+ – decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July as it anticipated demand would rise despite high numbers of coronavirus cases in India.
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Crude oil price hits nearly 3-month high above $70
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Last Updated: Jun 01, 2021, 04:48 PM IST
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Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.
Reuters
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SINGAPORE: Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world s top oil consumer.
Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.
Brent crude futures for August gained 94 cents, or 1.4%, to $70.26 a barrel by 0610 GMT. U.S. West Texas Intermediate crude for July was at $67.66 a barrel, up $1.34, or 2% from Friday s close, with no settlement price for Monday due to a U.S. public holiday.
Archyde
June 1, 2021 by archyde
LONDON (Reuters) – Two sources in
OPEC+ The group agreed today, Tuesday, to adhere to the current pace of gradual easing of oil supply cuts, while producers are choosing between expectations of a recovery in demand and a possible increase in Iranian supplies.
The Organization of the Petroleum Exporting Countries and its allies, in the framework of
OPEC+ . groupIn April, it decided to return 2.1 million barrels per day of supplies to the market in the period from May to July, in anticipation of increasing global demand despite the high infections of the Corona virus in India.
Since that decision, oil prices have continued to rise and have risen more than 30% since the beginning of the year, but the possibility of increasing production from Iran, with progress in talks to revive its nuclear deal, limits the upward trend of crude.