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Oil prices rising in anticipation of OPEC meeting

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Global oil prices are rising on May 31 morning in anticipation of the OPEC meeting, according to trading data, Report informs referring to Prime agency.

As of 8:56 (GMT+4), the price of August futures for the North Sea Brent oil blend grew 0.54 percent to $69.09 per barrel. The price of July futures for WTI oil rose 0.62 percent to $66.73 per barrel.

The market focused on the OPEC meeting, which will take place on June 1, on the issues of supplies and determining further oil policy. Investors are also awaiting comments on the prospects for Iran’s return to the market.

According to analysts, it is expected that OPEC will stick to the decision to increase oil production in July, Bloomberg reports.

Optimism in the crudes market is also related to the recovery in fuel demand. In addition, the gradual lifting of coronavirus restrictions is leading to greater mobility.

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