The price of a barrel WTI oil behaved bullish on the day by supply concerns, a few days before the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+).
“Oil prices recovered after Exxon and Chevron they were optimistic about the prospects for crude oil demand” and “expectations” that OPEC+ will not increase its production in September” above what was expected, said Edward Moya of Oanda
On the other hand, the price difference between the two world crude oil benchmarks, a barrel of Brent and WTI, remained at US$10, since there are larger reserves in the United States than in Europe.
Although, the experts affirmed that the OPEC + meeting, on Wednesday in Vienna, will not modify the production objectives for the month of September.
And this happened, despite the fact that the president of the United States, Joe Biden, asked Saudi Arabia to increase production.
However, the Saudi government resisted due to the commitments made with OPEC+.
“Although some sources suggest that a slight increase could be addressed (at the meeting, ndlr),” said Oanda’s Craig Erlam.
“An upward trend in oil prices is expected as global demand has yet to recover and supply problems remain,” said Han Tan, an analyst at Exinity.
Source: Ambito
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