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Market Update: Oil Prices Hover at 2018 Levels
Oil prices increased on Wednesday, with WTI crude continue to trade close to its highest level since October 2018 at $72.3 a barrel buoyed by a large fall in inventories and brighter demand outlook as a quickening in COVID-19 vaccinations helped lift travel restrictions across Europe and the US. Yesterday, API data showed US oil inventories plunged by 8.537 million barrels in the week ended June 11th, the biggest draw since September 11th, 2020. On the supply side, OPEC+ agreed to keep to their plan to gradually ease supply curbs through July. On top of that, expectations for more Iranian crude exports faded after Iran’s deputy foreign minister Abbas Araghchi said that Tehran’s nuclear talks are unlikely to conclude before Iran’s presidential elections. The oil market is up more than 20% so far in the April-June period on prospects that fuel demand recovery will gain momentum in the second half of the year. [/s2If]
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