Top oil exporter Saudi Arabia is expected to slightly increase its July official selling prices (OSPs) of light crude for Asia, as margin weakness and demand uncertainty cap the upside despite stronger crude benchmarks, a Reuters survey showed. Sources at five Asian refiners on average expected the July OSP for Saudi flagship grade Arab Light .
SINGAPORE (Economic Times): 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.
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Oil Futures Extending Gains On Demand Hopes
West Texas Intermediate Crude oil futures for July are up $0.73 or 1.08% at 68.45 a barrel.
Brent crude futures are up $0.84 or 1.2% at $71.09 a barrel.
After a meeting on Tuesday, the Organization of the Petroleum Exporting Countries and its allies agreed to gradually ease supply curbs through July.
Comments from Saudi Energy Minister Prince Abdulaziz bin Salman that he expects oil demand in the U.S. and China to see a significant recovery and the acceleration in vaccine rollouts will likely lead to a further rebalancing of the global oil market, further supported oil prices.