Friday was oil rise, but investors were waiting for the OPEC meeting, so the week ended with small gains in an otherwise volatile session.
Brent oil futures rose 0.03% to .220.127.116.11, while WTI futures rose 0.04%. 73.33.
Recent gains in black oil pushed to a higher buying area at the beginning of the week, indicating that its latest rally may fade. All eyes are now on the OPEC + meeting as to whether the cartel will implement the widely anticipated supply hike that will take place next week.
According to CFRA Research Energy Stock Analyst Stewart Glickman, OPEC may gradually increase production.
The crude future is projected to increase by 50% by 2021. The U.S., China, and parts of Europe are continuing their economic recovery from COVID-19, with WTI futures above $ 75 at the start of the week.
India reiterates OPEC on renewing oil production, which is “deeply concerned” about rising energy prices.
Crude supply data, U.S. Showed a rapid decline in raw cargo with the summer driving season. U.S. Refiners also expect Asian countries to supply crude to meet the growing demand.
Uncertainty about the increase in OPEC + production will endanger portfolio managers by the end of the quarter, said Tariq Zahir, executive member of Tyche Capital Advisors LL’s global macro program.
If prices fall after the meeting, some may measure back positions to lock in revenue, he said.