© Reuters. Crude oil Asian session: U.S. oil hits three months at one point, the market does not believe OPEC+’s “mouth”
Investing.com – Oil prices edged higher in midday Asian trade on Tuesday, on expectations of a recovery in Chinese demand and doubts over whether OPEC+ could meet its output increase target.
China’s easing of travel restrictions is expected to boost oil demand in the coming weeks, analysts at ANZ Research said in a note.
Restaurants and movie theaters in most of Beijing have reopened this week. Shanghai also resumed normal production and living activities earlier this month.
Meanwhile, Saudi Arabia, the world‘s top oil exporter, raised its July official selling price for crude to Asian customers by $2.10 from June to just below May’s all-time high.
This comes after OPEC+ decided last week to increase output by 648,000 barrels per day in July and August, a 50% increase from the previous increase. However, not all member countries have been able to complete the increase, especially Russia, which has been sanctioned by the West.
“While the new production increase target is prorated by all members including Russia, it is unrealistic to have an actual increase close to the overall target,” Stephen Innes, managing partner at SPI Asset Management, said in a note.
During the day, investors also need to pay attention to the US crude oil inventory data released by the American Petroleum Institute (API), which will be released later in the day.
Investors now await U.S. data from the American Petroleum Institute, due later in the day.
As of 13:21 Beijing time (01:21 a.m. EST), the Investing.com commodity market showed that Yingwei’s financial information: rose 70 cents or 0.59% to $119.20 per barrel, and once rose to $120.99 on Monday, a record high A new three-month high; rose 67 cents, or 0.56%, to $120.18 a barrel.
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Compilation: Liu Chuan