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According to MENAFN news on June 3, oil prices rose for the third consecutive day on Thursday, as the market expects that fuel demand will surge later this year, especially in the United States and Europe, while the major oil-producing countries are still Follow the supply agreement.
As of 02:33 GMT, Brent crude oil futures rose 49 cents, or 0.
US West Texas Intermediate crude oil futures prices rose 44 cents, or 0.
Market forecasters, including the Organization of Petroleum Exporting Countries and its allies (OPEC+), agree that in the second half of 2021, oil demand will exceed supply, which has stimulated the recent rise in oil prices.
OPEC+ data shows that by the end of this year, oil demand will reach 99.
The recovery of auto consumption demand in the United States, the world's largest oil consumer, this summer, and the rise in fuel demand after the world's second largest oil consumer and the United Kingdom have emerged from the COVID-19 blockade, will lead this rebalancing.
"The driving season in the United States is a period when fuel consumption is higher than normal.
OPEC+ agreed on Tuesday to continue the plan to relax supply restrictions by July.
The OPEC+ meeting lasted 20 minutes.
Feng Juan excerpted and translated from MENAFN
The original text is as follows:
Oil rises for a third day on expectations for fuel demand pickup
Oil prices rose for a third day on Thursday on expectations for a surge in fuel demand, particularly in the United States and Europe and China, later this year at the same time major producers are maintaining supply discipline, reports with reference to.
Brent crude futures were up 49 cents, or 0.
US West Texas Intermediate crude futures rose 44 cents, or 0.
The consensus among market forecasters, including the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is that oil demand will exceed supply in the second half of 2021, which has spurred the recent run in prices.
OPEC+ data shows that by the end of the year oil demand will be 99.
This rebalancing will be led by resurgent demand in the United States, the world's biggest oil user, from vehicle consumption this summer, along with rising fuel needs in the world's second biggest oil consumer, and in the UK as it exits its COVID-19 lockdowns .
"The US driving season is a period that sees higher‑than‑normal fuel consumption.
OPEC+ agreed on Tuesday continue with plans to ease supply curbs through July.
The OPEC+ meeting last 20 minutes, the quickest in the grouping's history, suggesting strong compliance among members and the conviction that demand will recover once the COVID-19 pandemic shows sign of abating.
