Oil rose to a two-year high. Prices drive up market optimism

oil tanker, petroleum, refinery, pumps
oil tanker, petroleum, refinery, pumps

A barrel of brent oil sold for nearly $ 73 on Thursday. This is the most since May 2019. North American WTI oil is even the most expensive since October 2018.

According to the forecast of the Organization of the Petroleum Exporting Countries, demand for this strategic raw material will increase by 6.6 percent this year, which represents less than 6 million barrels per day. OPEC predicts this development for the second month in a row, although it warns of the uncertainty that may prevail in the world oil market from day to day.

And as an example, he cites the rise of new waves of pandemics in India, Japan or parts of Europe. “The global economic recovery has been delayed by the re-emergence of new diseases and, in several cases, the resumption of the lockdown,” the organization said in its monthly report. However, OPEC still expects global oil demand growth to accelerate in the second half of this year.

The United States and other OECD countries will contribute the most to non-growing demand. Oil will thus continue to rise slightly in price unless OPEC expands production more significantly. In May, it increased by 390 thousand barrels per day to 25.46 million barrels. At stake is an increase to 27.7 million barrels per day.

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