World oil prices on Tuesday morning are rising by more than 1% after the meeting of the OPEC + technical committee, while the price of Brent rose above $ 70 per barrel for the first time since May 18, according to trading data.
The price of August futures for Brent North Sea oil blend rose by 1.14% to $ 70.11 per barrel. July WTI futures rose 1.87% to $ 67.56 per barrel.
Investors are playing back the estimates of the members of the OPEC + technical committee, according to which the excess oil accumulated during the pandemic has almost disappeared, and in the second half of the year, raw material stocks will rapidly decline. Against this background, analysts expect that the OPEC + ministerial committee at its meeting on Tuesday will confirm the planned increase in oil production by the alliance in July. The OPEC+ technical committee predicts that from September to December, commercial oil reserves will fall by at least 2 million barrels per day. “There is now some confidence that the growing demand will be able to absorb another 2 million barrels per day from Iran if this happens. Demand in the US is helping to restore global consumption,” Howie Lee, an economist at Oversea-Chinese Banking Corp, told Bloomberg.