Connect with us

Hi, what are you looking for?

Commodities & Futures

Oil Buoyant at Highest Since 2018 With Saudis Upbeat on Demand

Commodities1 hour ago (Jun 01, 2021 08:36PM ET)

(C) Reuters. Oil Buoyant at Highest Since 2018 With Saudis Upbeat on Demand

(Bloomberg) — Oil edged up in Asia after closing at the highest level since October 2018 as OPEC+ provided an upbeat assessment of the demand outlook and the prospect of a speedy return of Iranian barrels to the market waned.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said demand “has shown clear signs of improvement” as the alliance ratified an output increase for July. His Russian counterpart also spoke of the “gradual economic recovery,” with the comments driving West Texas Intermediate up by 2.1% and pushing Brent above $70 a barrel at the close for the first time since 2019.

Adding further support to the market was an indication that talks to revive a 2015 nuclear accord with Iran has been delayed for now. An Iranian official said a deal is now expected to be finalized in August.

Oil is up around 40% this year as the recovery from the pandemic in the U.S., China and parts of Europe boost the outlook for fuel consumption, despite a Covid-19 resurgence in parts of Asia. Global demand may rebound to levels seen before the outbreak in a year, according to the International Energy Agency, signaling a quicker comeback than its previous estimates.

The prompt timespread for Brent was 40 cents in backwardation — a bullish market structure where near-dated prices are more expensive than later-dated ones — on Tuesday. That compares with 9 cents at the start of last week.

(C)2021 Bloomberg L.P.

Oil Buoyant at Highest Since 2018 With Saudis Upbeat on Demand

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved