Summary
[Oil prices rose for five consecutive weeks to the highest since October 2018 due to strong demand]① Oil prices climbed to the highest level since October 2018 on Friday. The two major indicators of crude oil rose for the fifth consecutive week due to expected demand growth to exceed supply and oil output OPEC+, formed by the Organization of Nations and its allies, will cautiously provide more crude oil to the market from August; ② Brent crude oil futures rose by US$0.62, or 0.8%, to settle at US$76.18 per barrel, and US crude oil futures rose by US$0.75. , Or 1.0%, the settlement price was reported at US$74.05 per barrel; this was the highest closing level of these two indicators of crude oil futures since October 2018, and the two contracts rose by more than 3% this week; ③ OANDA Advanced Market Analysis According to Edward Moya, the reason for the increase in crude oil prices is the improvement in demand prospects and the expected market supply will remain tight, because OPEC+ may only slightly increase production at the ministerial meeting on July 1; ④ All eyes are on oil exporting countries Organization (OPEC), Russia and OPEC+ formed by oil-producing allies will hold a meeting on July 1 to discuss the issue of further reducing production reduction efforts from August; ⑤ In terms of demand, OPEC+ will have to consider key factors It is the strong growth in the United States, Europe, and China, thanks to vaccination and economic restart. Analysts said that this was to some extent offset by the increase in new crown cases in other regions and the counterattack of the epidemic; ⑥ A US official stated that compliance with 201
① Oil priceOn Friday, it climbed to the highest level since October 2018. Crude oil, the two major indicators, rose for the fifth consecutive week. Due to the expected demand growth to exceed supply, and OPEC+ formed by the Organization of the Petroleum Exporting Countries and its allies will cautiously provide to the market from August More crude oil; ② Brent crude oil futures rose by US$0.62, or 0.8%, and settled at US$76.18 per barrel, while U.S. crude oil futures rose by US$0.75, or 1.0%, and settled at US$74.05 per barrel; this is from 2018 The highest closing level of these two indicators of crude oil futures since October, and these two contracts have risen by more than 3% this week; ③ OANDA Advanced MarketAnalystEdward Moya said that the reason for the increase in crude oil prices is the improvement in demand prospects and the expected market supply will remain tight, because OPEC+ may only slightly increase production at the ministerial meeting on July 1; ④ All eyes are on the Organization of Petroleum Exporting Countries (OPEC), Russia and OPEC+ formed by oil-producing allies, they will hold a meeting on July 1 to discuss the issue of further reduction of production reduction from August; ⑤ In terms of demand, the key factors that OPEC+ will have to consider are The strong growth in the United States, Europe and China has benefited from vaccination and economic restart. Analysts said that this was offset to a certain extent by the increase in new crown cases in other regions and the counterattack of the epidemic; ⑥ A US official said that there are still serious differences between the two sides on Iran’s compliance with the 2015 nuclear agreement. The prospect of many Iranian crude oil flowing into the market has become bleak.
(Source: Zhitong Finance Network)
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