• 248
  • 47
  • Favorite

Oil strikes 2018 highs on demand recovery, Iran nuclear talks

Reuters2021-06-28

* OPEC+ to meet on July 1

* OPEC+ discuss increasing supplies in August

SINGAPORE, June 28 (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.

Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.

Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.

The producer group, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs. OPEC+ meets on July 1 and could further ease supply cuts in August as oil prices rise on demand recovery.

"We expect the OPEC+ alliance will try to balance the market's need for more supply against the fragile nature of the recovery in demand, at next week's meeting," ANZ analysts said, adding that jet fuel demand recovery continued to be capped with the closure of international borders.

ANZ expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.

Negotiations over the revival of Iran's nuclear deal are expected to resume in coming days. A monitoring agreement between Tehran and the U.N. nuclear watchdog lapsed last week.

A weaker U.S. dollar and a reversal of risk appetite in global markets also supported dollar-denominated commodity prices.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment47

  • TCX
    ·2021-06-28
    To the moon
    Reply
    Report
  • erichosk
    ·2021-06-28
    Oil will go much higher. Watch this YouTube for more info.https://youtu.be/gxg8cuNTU2g
    Reply
    Report
  • pangoh
    ·2021-06-28
    [微笑] 
    Reply
    Report
  • G3113
    ·2021-06-28
    ?
    Reply
    Report
  • JohnWL
    ·2021-06-28
    Great
    Reply
    Report
  • Championone
    ·2021-06-28
    Nuclear is more dangerous 
    Reply
    Report
  • ShawnTai
    ·2021-06-28
    Black Gold is fully manipulated with 2 buttons UP & DOWN. [白眼] 
    Reply
    Report
  • Bmaiw102
    ·2021-06-28
    Like pls!
    Reply
    Report
  • Alconies
    ·2021-06-28
    Like please
    Reply
    Report
  • ShawnKoh1
    ·2021-06-28
    Like and comment pls
    Reply
    Report
    Fold Replies
    • Bmaiw102
      Ok
      2021-06-28
      Reply
      Report
  • honkfish
    ·2021-06-28
    Job on a daily email address
    Reply
    Report
  • EY12
    ·2021-06-28
    Like
    Reply
    Report
  • dent
    ·2021-06-28
    Please 
    Reply
    Report
    Fold Replies
    • Alconies
      Done
      2021-06-28
      Reply
      Report
  • Jfm9513
    ·2021-06-28
    Good
    Reply
    Report
  • All in Tesla
    ·2021-06-28
    Iran is a real problem in the Middle East which we have to be concerned ? 
    Reply
    Report
  • robot1234
    ·2021-06-28
    All the way
    Reply
    Report
    Fold Replies
    • robot1234
      This for sharing
      2021-09-09
      Reply
      Report
    • Ahyie
      Ok
      2021-06-28
      Reply
      Report
  • All in Tesla
    ·2021-06-28
    Oil getting more costly and that will drive more tobuy electric cars in the future ?
    Reply
    Report
  • bhahab
    ·2021-06-28
    Ok
    Reply
    Report
  • ZOANMAN
    ·2021-06-28
    Hi like 
    Reply
    Report
    Fold Replies
  • Legend_传奇
    ·2021-06-28
    Up and up ?
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial