Home » International oil prices continue to rise in the previous three weeks, and new good news continues to spread from the demand side, provider FX678

International oil prices continue to rise in the previous three weeks, and new good news continues to spread from the demand side, provider FX678

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International oil prices continue to rise in the previous three weeks, and new good news continues to spread from the demand side

On Monday (June 14), international oil prices strengthened and continued their upward momentum in the previous three weeks. This benefited from the improved fuel demand outlook, as the new crown vaccination coverage expanded, which helped more countries and regions to lift travel restrictions.

At 16:34 Beijing time, NYMEX crude oil futures rose 0.94% to 71.57 US dollars per barrel; ICE Brent crude oil futures rose 1.10% to 73.49 US dollars per barrel. The two cities respectively refreshed their highs since October 17, 2018 to 71.34 US dollars/barrel and the high since May 20, 2019 of 73.16 US dollars/barrel.

With the relaxation of blockades and other restrictions, North American ground transportation is returning to the level before the outbreak of the new crown epidemic, and the frequency of air travel has increased. According to a CBS survey, Americans are increasingly willing to meet with friends, return to the workplace and participate in large-scale events. Since the outbreak of the new crown epidemic, the number of single-day air passengers in the United States has exceeded 2 million for the first time.

Vanda Insights founder Vandana Hari) said that as more and more countries reopen, the crude oil market has digested a lot of bullish news in the past few weeks. Hari said that prices may continue to rise in the next few weeks, but at a more gradual rate, and the market needs to wait for new long-term momentum.

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Avtar Sandu, Senior Commodity Manager of Phillip Futures in Singapore, said: “As demand in Europe and India is facing headwinds, the oil market may increase volatility and frequent corrections in the short term. However, the upward trend of the oil market remains intact, and price corrections will be bargaining. Buying offers opportunities.”

The International Energy Agency (IEA) stated in its monthly report last Friday (June 11) that the Organization of Petroleum Exporting Countries and its allies (OPEC+) need to increase production to meet global recovery needs. “OPEC+ needs to open the oil gate to Maintain sufficient supply in the world oil market.” After the new crown epidemic caused a sharp drop in global oil demand in 2020, OPEC+ has been restricting production to support oil prices.

Oil service company Baker Hughes stated in its weekly report that the number of US drilling rigs increased by 6 to 365, the highest level since April 2020. This is the largest weekly increase in the number of oil rigs in a month, as drilling companies try to benefit from increasing demand.

According to weekly data from the Commodity Futures Trading Commission (CFTC), traders are still optimistic about further bullish crude oil prices. Fund managers have increased their bullish bets on NYMEX crude oil to their highest level in about three years.

The oil market is paying close attention to the US-Iran negotiations in Vienna to find any clues about when OPEC member Iran can resume its crude oil exports.

Iran said it had reached a broad agreement with the United States to lift sanctions on its industrial sector, including energy, but warned that “the time is running out” for the world’s major powers to resume the 2015 nuclear agreement.

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Saeed Khatibzadeh, spokesperson for the Iranian Ministry of Foreign Affairs, did not provide more details about the possible relaxation of trade restrictions. He told reporters in Tehran on Monday that this landmark agreement was postponed because there are still cruxes.

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