Opening the trading session on May 31 in the European market, world oil prices went up thanks to a positive outlook on fuel demand growth in the next quarter.
Besides, investors are turning their attention to the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing nations this week.
Specifically, in the London market, at 16:55 (Vietnam time), the North Sea Brent oil futures price increased by 69 US cents (1%) to 69.41 USD/barrel, after some time. increased to 69.82 USD/barrel, while the price of US light sweet oil (WTI) increased by 68 US cents (1%) to 67 USD/barrel.
Both commodities are on track for a second month of gains as analysts expect strong oil demand growth, despite Iran’s return to the supply chain .
Commerzbank said that although restrictions on movement are still in place in many countries, demand for oil is becoming active around the world.
ANZ analysts expect demand to exceed supply by 650,000 bpd and 950,000 bpd respectively in the third and fourth quarters, taking into account Iran’s 500,000 bpd production increase.
It is expected that OPEC and allied oil-producing countries, including Russia, will meet on June 1.
It is expected that manufacturers will continue to implement a plan to gradually reduce supply cuts until July.
Source: Vietnam News Agency