Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

World oil prices accelerated growth

June, 10 2021
watermark Economic news

On Thursday evening, world oil prices accelerated their growth, approaching $73 per barrel. The market was supported by demand signals from the monthly OPEC report.

In particular, the price of August futures for North Sea Brent crude oil mixture rose $72.90 per barrel, July futures for WTI rose to $70.64 per barrel.

Oil quotes support optimism for a recovery in demand, with traders assessing the June OPEC report. The organization noted that accelerating vaccination programs in many countries and increasing population mobility will positively affect demand in the second half of this year.

In addition, OPEC retained its forecast for the growth of oil demand in the world in 2021: the alliance still expects an increase in demand by 6 million barrels per day – to the level of 96.58 million barrels per day.

Additional support to the oil market was provided by yesterday's data from the US Department of Energy on oil reserves in the country. Inventories fell by 5.24 million barrels, which was better than the forecast for a reduction of 2 million.

Top Top