Oil stretches above $ 70 a barrel
Oil futures rose on Wednesday, with the global benchmark still exceeding $ 70 a barrel, amid optimism about the outlook for demand as the global economy emerges from the COVID pandemic. 19.
West Texas Intermediate crude for delivery in July CL00,
the US benchmark, rose 65 cents, or 1%, to $ 68.37 a barrel on the New York Mercantile Exchange. August Brent gross BRN00,
the global benchmark, rose 76 cents, or 1.1%, to $ 71.01 a barrel on ICE Futures Europe.
Brent and WTI both closed at two-year highs on Tuesday after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC +, agreed to stick to a timetable to phase out production this this month and the next.
The schedule is expected to bring an additional 700,000 barrels per day to market in June, and an additional 840,000 barrels per day in July, figures that include the unwinding of additional voluntary cuts by Saudi Arabia, noted Warren Patterson, chief strategy officer. world of raw materials. at ING, in a note.
“The market seems focused on a more constructive outlook for the end of the year, with OPEC + believing that the market will experience significant stock withdrawals between September and the end of the year,” he said. -he declares.
Meanwhile, concerns about the possible return of Iranian crude to the market have faded. A round of indirect negotiations aimed at bringing the US back into the deal and Tehran into compliance, which would pave the way for the cancellation of US sanctions reimposed by the Trump administration, are unlikely to produce a breakthrough in the near future .
While some diplomats had expressed hope that a deal could be reached ahead of Iran’s June 18 presidential election, an Iranian government spokesperson said on Tuesday that negotiators now expected to reach a deal in August at the end of President Hassan Rouhani’s term, Bloomberg reported.