Black gold prices are stable after reaching a two-year high above $72 a barrel, but many different factors can change the outlook.
Demand for black gold is surging in both the U.S. and Europe, as COVID-19 restrictions are easing. In such a market scenario, OPEC and its allies are sticking to agreed supply restraints through July.
Oil prices – in a bull market?
During early Monday, June 7, Brent Crude was trading at $71.27/barrel, only $1 lower than its highest value in two years, reached on May 31. WTI Crude also touched $70/barrel for the first time since October 2018, before retreating slightly.
OPEC supply restrictions and demand recovering in part from the pandemic-induced collapse are credited for such price surges.
Iran and global powers will take part in a fifth round of talks on June 10 in Vienna. A possible outcome could see Washington lifting economic sanctions on Iranian oil exports.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.