Oil Prices Rise with Focus on OPEC+ Meeting

For the virtual OPEC+ meeting of oil producers scheduled for Sunday, traders and analysts expect the continuation of voluntary production cuts of 2.2 million barrels per day.

Oil prices rose by more than a dollar per barrel on Tuesday, driven by expectations that OPEC+ will maintain crude supply cuts at their June 2 meeting. The beginning of the summer travel season in the United States and a weaker dollar also supported contracts.

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Brent crude futures for July delivery rose $1.12, or 1.4%, to $84.22 per barrel. U.S. West Texas Intermediate (WTI) crude ended at $79.83 per barrel, gaining $2.11, or 2.7%, compared to Friday’s close, after trading during the U.S. Memorial Day holiday on Monday without settlement.

USOIL

For the virtual OPEC+ meeting on Sunday, traders and analysts predict the continuation of the voluntary production cuts of 2.2 million barrels per day. This week’s bullish trend has been facilitated by a significant weakening of the dollar and a growing consensus that OPEC+ will extend the production cuts in the upcoming meeting.

The dollar fell 0.1%, reaching its lowest level in over a week.

Oil had already risen more than 1% during Monday’s session, spurred by hopes of increased demand on the first trading day of the U.S. holiday season.

Investors will be closely watching the U.S. core Personal Consumption Expenditures (PCE) price index, one of the Federal Reserve’s key inflation indicators, which will be released on Friday.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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