Oil in Asia fell on Friday morning but was set to end the week with a third-week gain. The black liquid is close to $ 70 as investors continue to digest different fuel demand perspectives.
Brent oil futures down 0.43%. $72.21 and WTI futures were down 0.43% at $ 69.99. The future in New York remained stable on Friday after the previous session closed at a high of October 2018.
The Organization of the Petroleum Exporting Countries (OPEC) predicts that fuel demand recovery will increase in the second half of 2021, as most of the US and Europe have returned to pre-COVID-19 levels.
“Overall, global economic growth is recovering, so oil demand is expected to pick up speed in the second half,” Cartel said in its monthly report released on Thursday. The report also predicts that oil demand in the second half of 2021 could rise to about 5 million barrels a day, or 5%, compared to the first half.
However, the U.S. Investors continue to digest Wednesday data from Energy Information Management, which is expected to return to the U.S. in the week ending June 4th. 5.241 million barrels of crude oil supply showed a bigger balance than expected.
U.S. Data showed a 7 million barrel structure than expected in petrol stocks.
“If you take the week off, we’ve seen prices rise on some demand confidence, but it’s mixed … US stock data does not paint a good picture. We see petrol and distilled reserves rise. The spirits subsided that week.
Meanwhile, investors are constantly monitoring the progress of negotiations to renew the 2015 nuclear deal between Iran and the world powers.
The U.S. has lifted sanctions on three former Iranian officials and two companies that traded Iranian petrochemicals ahead of the sixth round of talks expected to begin over the weekend. However, it remains to be seen whether a resolution can be reached before Iran’s presidential election on June 21, 2021.
A successful resolution would see Iranian exports re-entered into global distribution.
