Oil prices remain under upward pressure

Oil
June 3, 2021

Brent prices reached a new two-year high level overnight near $72/b, while WTI prices touched $69.4/b. The market remains in a bullish mood after the OPEC+ group left its plans unchanged for the coming months, despite the rise in prices. The market is also adjusting its expectations regarding the comeback of the Iranian oil, as nuclear talks prove more difficult than expected. Finally, the API figures suggest US crude stocks were sharply down again last week.

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