Demand exceeds OPEC + expected oil price breaks through US$67 per barrel

According to a report by Bloomberg News on May 31, before the OPEC+ policy meeting, oil prices rose, and traders expect that rising demand will digest OPEC’s planned increase in production and increased supply.

New York crude oil futures prices climbed above US$67 per barrel, and crude oil prices are expected to rise for the second consecutive month.

Emirates NBD PJSC Bank Petroleum Analyst Ed Bell said: "I'm really paying attention to OPEC+'s forecast for the next two months to see if they are optimistic about continued demand growth and the ability to absorb more crude oil.

Although the new crown pneumonia epidemic is making a comeback in Asia, the United States, China and parts of Europe are driving a strong recovery in demand.

In terms of price.

The price of Brent crude oil for August delivery on the European Futures Exchange rose 1% to US$69.

At the OPEC+ meeting on Tuesday, investors will also look for clues about the organization's next phase of supply policy, as the market is increasingly optimistic that demand will accelerate growth before the end of the year.

In addition, India’s data released on Monday is expected to show that the country’s first quarter GDP growth has picked up slightly year-on-year.

　　Wang Jiajing excerpted and translated from Bloomberg

　　The original text is as follows:

　　Oil exceeds US$67 as demand outweighs prospect of more OPEC+ oil

　　Oil advanced ahead of an OPEC+ policy meeting as traders expect rising demand to absorb a planned production increase from the group.

　　Futures in New York climbed past US$67 a barrel, putting crude on track for a second straight monthly gain.

　　"I'm really looking at what OPEC+ says about the period beyond the next two months and whether they indicate they're positive about demand continuing to grow and that being able to absorb any more barrels," said Ed Bell, an oil analyst at Dubai-based bank Emirates NBD PJSC.

　　T he US, China and parts of Europe are driving robust demand recovery from the COVID-19 pandemic, despite a virus comeback across Asia.

　　Prices

　　West Texas Intermediate for July delivery gained 1.

　　Futures are up 5.

　　Brent for August settlement rose 1 per cent to US$69.

　　There are holidays in the US and UK on Monday.

　　When OPEC+ meets on Tuesday, investors will also be looking for any clues on the next stage of the group's supply policy amid growing expectations for demand to accelerate through the end of the year.
As for July, all but four of 24 analysts and traders surveyed by Bloomberg predicted the alliance would ratify a planned increase of 840,000 barrels a day.

　　Indian data later Monday is forecast to show the nation's gross domestic product during the first quarter posted a slight pickup in growth year-on-year.