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.