empty
 
 
14.06.2021 01:16 PM
Oil rises continuously on the back of the news from the USA and Europe

Today, the world oil market demonstrates steady growth following a spectacular rise in the past week and a general three-week increase against the background of an improvement in the global situation.

The main upward factor for the positive dynamics remains the prospects for demand for oil in developed countries, which is permanently increasing due to high rates of vaccination and the lifting of restrictive measures.

This image is no longer relevant

Thus, US residents began to actively return to work, gather in companies and visit crowded places. In addition, the average daily air traffic in the United States, for the first time since the beginning of the COVID-19 pandemic, has stepped over the level of 2 million passengers.

According to the forecasts of the International Energy Agency, world oil demand will return to the dock level by the end of next year. This year, according to IEA experts, demand will grow by 5.4 million barrels per day - up to 96.4 million barrels per day, and in 2022 - by 3.1 million barrels per day.

In its Friday report, the agency said that OPEC and its allies must increase oil production to ensure the required level of supply in world markets.

At the same time, analysts cite multiple positive news from North America and Europe that are opening after the pandemic quarantines as the reason for the bright growth of the oil market over the past week.

At the time of writing this material, the oil market is showing the following indicators: the price of August Brent oil futures on the London ICE Futures Exchange was at $73.35 per barrel, exceeding the previous session's closing level by 0.91%.

The cost of July contracts for WTI crude oil on the New York Mercantile Exchange NYMEX increased by 0.78% - $71.46 per barrel.

This image is no longer relevant

Over the past week, the price of Brent rose by 1.1%, and WTI - by 1.9%. At the same time, the price of Brent crude oil broke through the $73 per barrel mark for the first time since May 2019, and the American WTI mark broke through the $70 level for the first time since 2018.

Commodity market experts believe that a new super cycle for the oil market may occur in the short term - prices will continue to rise in the coming weeks, however, their growth rates will be rather slow against the background of the lack of new impetus for the market.

At the same time, analysts consider the possibility of lifting sanctions for Iran to be a likely risk, while emphasizing that the state will not be able to increase production quickly. As a result, this situation is unlikely to have a serious impact on the supply of oil in the world.

Summarizing their forecasts, the experts said that a powerful rise in the oil market is possible in the event of a collision of the world's largest countries with obstacles to the development of alternative energy and a lack of investment in the process of hydrocarbon production.

Irina Maksimova,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback