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China Petrochemical News Network News, according to the oil price network, June 4 news: early Friday, oil prices rose, and rose for the second consecutive week.
As of 9:21 am Eastern Time on Friday, WTI crude oil prices are approaching the $70 mark, up 1.
Due to signs of recovery in demand in the United States and Europe, oil prices have been rising for most of the week, which surpassed the coronavirus concerns in parts of Asia, including India.
On Tuesday, OPEC+ confirmed its plan to cut production by 840,000 barrels per day in July, which shows that despite the setbacks of the new crown pneumonia epidemic in Asia, the organization believes that with the beginning of the driving season, future demand will be strong.
The sharp reduction in US crude oil inventories, which fell by 5.
Saxo Bank commented on the trend of oil prices this week on Thursday:
"Based on strong demand in Europe, China and the United States, OPEC has put forward an optimistic demand outlook, which has triggered a new upward momentum.
Feng Juan excerpted and translated from the oil price network
The original text is as follows:
Oil Prices Poised For A Breakout As WTI Nears $70
Oil prices were rising early on Friday and headed to a second consecutive week of gains after the US signaled that there may not be an imminent announcement of an agreement for the United States and Iran to return to the Iranian nuclear deal.
As of 9:21 am EDT on Friday, WTI Crude was nearing the $70 mark and traded at $69.
Oil prices have risen for most of this week amid signs of recovering demand in the United States and Europe, which have outweighed coronavirus concerns in parts of Asia, including India.
On Tuesday, OPEC+ confirmed its plan to ease the production cuts by 840,000 barrels per day (bpd) in July, suggesting that despite COVID setbacks in Asia, the alliance sees strong demand ahead with the start of the driving season.
A large draw in crude oil inventories in the United States, a draw of 5.
Commenting on the oil price movements this week, Saxo Bank said on Thursday:
"The bullish demand outlook presented by OPEC based on strong demand in Europe, China and the US has triggered renewed upside momentum, and from a technical perspective, today's focus is whether Brent can break the four-time rejected area just below $72.
