Oil prices still on the rise, after the data released by the American Petroleum Institute (API), which showed that crude stocks in the US fell by 8.2 million barrels on a weekly basis.
Oil prices are rising in the wake of optimism about the recovery in demand: optimism endorsed by Mohammad Barkindo himself, OPEC secretary general who, yesterday, said he expected oil demand to rise by 6 million in 2021 barrels per day, with 5 million barrels per day arriving in the second half of the year.
The meeting of the Opec + alliance to establish production quotas for the month of August is expected for tomorrow, July 1st.
Of note, as Barron’s reports, WTI oil futures traded in New York have gained 50% since the beginning of the year, while the Energy Select Sector SPDR ETF (XLE) jumped 44%, including dividends. reinvested.
Tomorrow, OPEC + will agree on the production of oil to be reintroduced to the market, which analysts estimate to be between 500,000 and 700,000 barrels per day.
At 3.30pm Italian time, WTI prices jump 0.81% to $ 73.58, while Brent is + 0.59% above the $ 75 threshold. Both contracts are on record since 2018.