Oil rises in anticipation of the results of the “OPEC +” meeting

International oil prices rose during Monday's trading, amid anticipation of the results of a meeting of the "OPEC +" group.

 

Brent crude futures rose by 0.25% to $76.35 a barrel, while global crude recorded gains of more than 45% until the end of June since the beginning of the year, after it started at $51.80 a barrel on the first of last January.

 

US NYMEX crude futures increased 0.20% at $75.32 a barrel, as US crude recorded gains of more than 51.4% during the first six months of 2021.

 

And the “OPEC” and other producers announced the postponement of the eighteenth ministerial meeting of the “OPEC +” alliance on Friday and holding it today, Monday, instead.

 

According to CNBC, the group's failure to reach an agreement could lead to higher oil prices and threaten to derail a fragile economic recovery, and the failure of talks could cause a price war - although analysts do not believe that the latter scenario is likely. .

 

Both Brent and US crude jumped more than 2% to above $75 a barrel on Thursday, their highest levels since 2018.

 

Brent crude futures rose more than 8% in June, while WTI rose more than 10%; It reached its highest level since October 2018.

 

It comes as the world's three major agencies - OPEC, the International Energy Agency and the US Energy Information Administration - expect a demand-led recovery to pick up in the second half of 2021.

 

It is scheduled to meet the ministers of "OPEC +" countries today, Monday, to discuss plans to increase production rates or continue to reduce production of the precious black metal.