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Market Update: Crude Oil Gains Holds Near Multi-Year Highs
Crude oil prices gained slightly in early APAC trade Wednesday, following slight declines in the previous session while holding at multi-year peaks following reports that OPEC+ started discussions on gradual raising oil production from August. The Organization is already returning 2.1 million bpd to the market from May through July, signaling the ongoing strengthening of market fundamentals. Meantime, API data showed that stocks of crude oil in the United States fell by 7.199 million barrels in the week ended June 18th, 2021, following an 8.537 million drop in the previous week, and compared with market expectations of a 3.625 million decline. On Tuesday, Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75.30 a barrel, the strongest since April 25, 2019, while WTI crude fell 60 cents, or 0.8%, to $73.06 a barrel. [/s2If]
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