Oil Up, OPEC+ Delays Meeting on Production Policy

Petrol price crosses Rs 100/litre mark in Delhi
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By Administrator_ India

Capital Sands

Oil was up Wednesday morning in Asia after the OPEC+ delayed its meeting this week on production policy.

Brent Oil Futures rose 0.61% to $74.73 by 10:39 PM ET (2:39 AM GMT) and Crude Oil WTI Futures jumped 0.69% to $73.48.

U.S. crude oil supply data from the American Petroleum Institute showed a draw of 8.153 million for the week ending June 25. Forecasts prepared by Investing.com predicted a 4.460 million-barrel draw, while a 7.199 million-barrel draw was recorded during the previous week.

Crude oil supply data from the U.S. Energy Information Administration is due later in the day.

Oil prices have surged about 50% in 2021 as fuel demand rebounded in key markets such as the U.S. and China thanks to their ongoing economic recovery from COVID-19. However, the recent spread of the COVID-19 delta variant weighed on the demand recovery.

On the supply front, some OPEC+ members including Russia suggested increasing the oil supply while Saudi Arabia was concerned about the global spread of the COVID-19 delta variant despite the growing demand. The cartel delayed its preliminary talks to Friday to give more time to resolve differences.

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