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According to a Rigzone report on April 27, Asian oil prices are rising.
OPEC expects that although the new crown pneumonia outbreak in India and other countries has dragged down short-term demand prospects, the global economy will continue to recover strongly this year
.
New York crude oil futures prices rose to more than $62 a barrel after falling 0.
4% on Monday
.
The OPEC Technical Committee raised its forecast for demand growth in 2021, but warned that another outbreak in India, Japan and Brazil may undermine the recovery of oil demand
.
The second wave of the epidemic in India was particularly deadly, overwhelming the country’s medical system and hampering fuel consumption
.
India’s largest refiner, Indian Oil Corp.
, is selling gasoline to the spot market in a rare fashion, while other crude oil processing companies are delaying maintenance plans for some factories because workers either fled or fell ill
.
OPEC held a monthly ministerial meeting on Wednesday to discuss its production policies, but the dire prospects of some countries may pose challenges to the meeting, even though the organization has agreed to increase market supply from May
.
OPEC Secretary-General Barkindo said that there are "positive signals" in the global economy, but he also pointed out that there are still many negative factors in the oil market that require everyone to remain vigilant
.
Stephen Innes, chief market strategist at Axi, said: "This week's OPEC meeting will have to find a balance between the optimistic outlook in the United States and Europe and the negative data in India and other regions
.
It is worth mentioning that bullish people within OPEC are unlikely.
Put forward suggestions to accelerate the relaxation of production cuts
.
"
In terms of oil prices
.
At 7:30 am London time, the price of West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange rose 0.
8% to $62.
39 per barrel in June
.
The European Futures Exchange’s June Brent crude oil settlement price rose 0.
7% to US$66.
13 per barrel, down 0.
7% from the previous trading day
.
The spot premium of Brent crude oil is 57 cents, which is a bullish sign that the price of short-term contracts is higher than that of forward contracts
.
In contrast, the spot premium was 40 cents at the beginning of April
.
The OPEC Committee of Technical Experts predicts that this year's oil consumption will increase by 6 million barrels per day over last year
.
By the end of this quarter, most of the fuel stocks accumulated during the epidemic will be emptied
.
The economies of China and the United States are recovering strongly, and there are signs of positive recovery in parts of Europe
.
In the first quarter, South Korea’s investment and export growth accelerated, and the pace of economic recovery was stronger than expected
.
OPEC expects that although the new crown pneumonia outbreak in India and other countries has dragged down short-term demand prospects, the global economy will continue to recover strongly this year
.
New York crude oil futures prices rose to more than $62 a barrel after falling 0.
4% on Monday
.
The OPEC Technical Committee raised its forecast for demand growth in 2021, but warned that another outbreak in India, Japan and Brazil may undermine the recovery of oil demand
.
The second wave of the epidemic in India was particularly deadly, overwhelming the country’s medical system and hampering fuel consumption
.
India’s largest refiner, Indian Oil Corp.
, is selling gasoline to the spot market in a rare fashion, while other crude oil processing companies are delaying maintenance plans for some factories because workers either fled or fell ill
.
OPEC held a monthly ministerial meeting on Wednesday to discuss its production policies, but the dire prospects of some countries may pose challenges to the meeting, even though the organization has agreed to increase market supply from May
.
OPEC Secretary-General Barkindo said that there are "positive signals" in the global economy, but he also pointed out that there are still many negative factors in the oil market that require everyone to remain vigilant
.
Stephen Innes, chief market strategist at Axi, said: "This week's OPEC meeting will have to find a balance between the optimistic outlook in the United States and Europe and the negative data in India and other regions
.
It is worth mentioning that bullish people within OPEC are unlikely.
Put forward suggestions to accelerate the relaxation of production cuts
.
"
In terms of oil prices
.
At 7:30 am London time, the price of West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange rose 0.
8% to $62.
39 per barrel in June
.
The European Futures Exchange’s June Brent crude oil settlement price rose 0.
7% to US$66.
13 per barrel, down 0.
7% from the previous trading day
.
The spot premium of Brent crude oil is 57 cents, which is a bullish sign that the price of short-term contracts is higher than that of forward contracts
.
In contrast, the spot premium was 40 cents at the beginning of April
.
The OPEC Committee of Technical Experts predicts that this year's oil consumption will increase by 6 million barrels per day over last year
.
By the end of this quarter, most of the fuel stocks accumulated during the epidemic will be emptied
.
The economies of China and the United States are recovering strongly, and there are signs of positive recovery in parts of Europe
.
In the first quarter, South Korea’s investment and export growth accelerated, and the pace of economic recovery was stronger than expected
.
