International oil prices are expected to rise for four consecutive days on a daily basis, OPEC+ may be forced to further loosen the production cut provider FX678 in the second half of the year

On Tuesday (June 15), international oil prices rose and are expected to rise for the fourth consecutive trading day. With the delay in negotiations for the United States to rejoin the Iran nuclear agreement, the prospect that Iran will soon provide additional supplies to the market gradually disappears.

At 16:21 Beijing time, NYMEX crude oil futures rose 0.31% to $71.10 per barrel; ICE Brent crude oil futures rose 0.38% to $73.14 per barrel.

The United States and Iran, as well as other parties to the 2015 Iran nuclear agreement, resumed indirect discussions in Vienna last Saturday (June 12). The return of the United States to the agreement will pave the way for the lifting of sanctions on Iran, which will enable the Organization of Petroleum Exporting Countries (OPEC) member states to resume crude oil exports.

But the EU described the negotiation process as “tension.” ING Economics stated in the report: “Before the Iranian presidential elections later this week, it is increasingly unlikely that we will see the United States rejoin the Iran nuclear agreement.”

A spokesman for the Yemeni Houthi armed forces posted on Twitter on Monday that they launched a drone at Abha Airport in Saudi Arabia. But the Saudi authorities did not immediately confirm the attack. The Houthis are widely regarded as Iran’s political agents in the Middle East.

The Organization of Petroleum Exporting Countries and major oil-producing countries (OPEC+) including Russia have been reducing production to support oil prices. ING said: “Additional supply from OPEC+ will be needed in the second half of this year, as demand is expected to continue to recover.”

Encouraged by the obvious signs of rapid recovery in the global economy and continued reductions in production by US shale oil producers, hedge funds last week increased their long oil positions to pre-pandemic levels. In the week ending June 8, fund managers purchased 52 million barrels of oil equivalent in the six most important oil futures and options contracts.

Avtar Sandu, senior commodity manager at Phillip Futures, said: “The technical indicators on the daily chart currently show that crude oil is in the overbought zone and may be pulled back.” He said that investors and traders are also paying attention to the start of late Tuesday. The results of the two-day Fed meeting to look for signs of when to start reducing monetary stimulus.

Three sources familiar with the situation said that under pressure from labor unions and including U.S. senators from his hometown of Delaware, the Biden administration is considering how to reduce the burden of biofuel blending on U.S. refineries.