Oil lifted by key markets, rises ahead of OPEC+ meeting

23.06.2021 - Davydova Maria
Oil lifted by key markets, rises ahead of OPEC+ meeting

Oil edged up on Wednesday trade in Asia as a strong economic rebound of key consumers bolstered fuel demand and drained bloated inventories. Investors now focus on the upcoming OPEC+ meeting to get hints on production policy.

Brent oil futures gained 0.59% to $75.25 by 12:40 AM ET and WTI futures added 0.47% to $73.19.

The American Petroleum Institute released the U.S. crude oil supply data, marking 7.199 million barrels for the week ending Jun. 18.  Investors shift their focus on the crude oil supply from the U.S Energy Information Administration, due later in the day.

Key markets including the U.S. and China also boosted fuel demand as the two world’s largest economies showed signs of recovery from the pandemic drag.

Meanwhile, OPEC+ is set to convene next week to discuss its output policy. Russia is considering a potential supply increase, while some OPEC+ nations are also considering a potential supply increase in August.


Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?