11:18 - 1.06.2021

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June 1, Fineko/abc.az. Prices for oil of benchmark grades are rising in Tuesday’s trading amid expectations of the OPEC+ ministerial meeting.

The ministers of the OPEC+ Monitoring Committee (JMMC), followed by the ministers of all OPEC+ countries, will hold a video conference session on Tuesday.

By 8:50 am, in the trading at the London ICE Futures Exchange the August’s Brent crude futures grew by $0.90 (1.30%) up to $70.22 per barrel. At the end of trading on 31 May the Brent futures for August increased in price by $0.60 (0.87%) up to $69.32 per barrel.

By 8:50 am, at the New York Mercantile Exchange (NYMEX) the price of July’s WTI oil futures grew by $1.31 (1.98%) up to $67.63 per barrel. At the end of trading on 31 May the price of WTI futures for July rose by $0.51 (0.77%) up to $66.83 per barrel.

The day before, the OPEC+ Technical Committee, which prepares the analytical ground for decision-making, held a meeting. The participants of the Technical Committee concluded that a surplus in the oil market is not expected even in the case of a reduced forecast for oil demand in 2021.