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According to a report from Mumbai on June 3 by EnergyWorld.
West Texas Intermediate (WTI) crude oil also continued to rise after reaching its highest level since October 2018.
After the OPEC+ meeting, it stated in a statement that the meeting noted that market fundamentals continued to strengthen.
Currently, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) July contract price is US$68.
The August contract price of Brent crude oil on the Intercontinental Exchange was $71.
HDFC Securities (Commodities) senior analyst Tapan Patel (Tapan Patel) said that after the release of strong US data, OPEC's demand outlook has risen and crude oil prices have risen as a result.
He pointed out that strong US manufacturing data has improved the demand outlook that focuses on economic growth.
Patel added that OPEC and its allies (known as OPEC+) agreed on Tuesday to abide by its plan and gradually ease supply restrictions in July.
Hao Fen Translated from Energy World Network
The original text is as follows:
Crude surges over tightening market, Brent above $71/bbl
Crude oil prices surged on Wednesday with the Brent crude trading above the $71 per barrel after OPEC projected demand improvement and tightening of the market.
West Texas Intermediate (WTI) crude also continued its onward march after reaching its highest level since October 2018.
In a statement, after the meeting OPEC+ meeting, the cartel in a statement said: "The meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling as the economic recovery continued in most parts of the world as vaccination programmes accelerated.
Currently, the July contract of WTI on NYMEX is trading at $68.
The August contract of Brent crude on the Intercontinental Exchange is trading at $71.
Tapan Patel, Senior Analyst (Commodities) at HDFC securities said: "Crude oil prices traded higher on higher demand outlook from OPEC following strong US data.
He noted that the strong US manufacturing data improved demand outlook eyeing economic growth.
"The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, agreed on Tuesday to keep to their plan to gradually ease supply curbs through July," Patel added.
