Oil rose in Asia on Wednesday morning, with strong economic recovery from key consumers boosting fuel demand and filtering inflated cargo. Investors are now waiting for a meeting of petroleum exporting countries and allies (OPEC +) for clues on manufacturers’ policy.
Brent oil futures rise 0.59%. 75.25 and WTI futures were up 0.47% at $ 73.19.
U.S. crude oil supply data from the U.S. Petroleum Corporation showed a balance of 7.199 million barrels for the week ended June.
Investors are now flocking to the U.S. Waiting for the supply of crude oil from the Energy Information Administration.
Increased fuel demand for the US and China, continues the economic recovery from COVID-19.
On the supply page, OPEC + is due to meet next week to discuss its release policy. Russia is considering a possible supply increase.
Meanwhile, he pointed out that Iran could extend its nuclear talks with world powers beyond August 2021 and that potential profits on fuel supplies would be delayed.