Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

Oil dips after hitting $75 a barrel on strong demand outlook

Published : , on

By Laura Sanicola

NEW YORK (Reuters) – Crude oil prices dipped slightly on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.

Brent crude futures fell by 17 cents to $74.73 a barrel by 12:20 p.m. EDT (1620 GMT) after hitting a session high of $75.30 a barrel, the strongest since April 25, 2019.

U.S. West Texas Intermediate (WTI) crude fell 53 cents, or 0.7%, to $73.13 a barrel.

OPEC+ is discussing a gradual increase to oil output from August, but no decision has been taken on the exact volumes, an OPEC+ source said on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, is already returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to unwind last year’s record output curbs gradually as pandemic-hit demand recovers.

The group meets next on July 1.

Both benchmarks have risen for the past four weeks in response to the global rollout of COVID-19 vaccinations and an expected pick-up in summer travel.

“(Because) of tight physical markets and healthy demand perceptions, the risk remains skewed to the upside,” oil brokerage PVM said.

BofA Global Research raised its Brent crude price forecasts for this year and next, saying tighter oil supply and recovering demand could push oil briefly to $100 a barrel in 2022.

“There’s a lot of people talking about $100 crude and that’s driving the market,” said Bob Yawger, director of energy futures at Mizuho.

BP Chief Executive Bernard Looney on Tuesday told Reuters there was “a very strong possibility” high price levels would be sustained over the coming years, “and if they do, it’s very good for our strategy.”

Negotiations to revive the Iran nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won the country’s presidential election.

Raisi on Monday backed talks between Iran and six world powers to revive a 2015 nuclear deal but flatly rejected meeting U.S. President Joe Biden, even if Washington removed all sanctions.

U.S. crude stocks were expected to have dropped for a fifth consecutive week last week, with distillate and gasoline stocks both rising, a preliminary Reuters poll showed on Monday.

(Additional reporting by Ahmad Ghaddar in London, Yuka Obayashi in Tokyo; editing by David Goodman and Chris Reese)

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post