Oil prices edge up amid optimistic demand outlook

31/05/2021 Argaam

Oil rigs

Oil prices rose on Monday amid optimism over demand outlook and ahead of the OPEC+ meeting, during which the group is expected to review production curbs.

 

International benchmark Brent crude was trading up 0.6% at $69.13 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 0.7% to $66.75 per barrel.

 

"We see demand outstripping supply in the order of 650,000 barrels per day and 950,000 bpd in Q3 and Q4, respectively," Reuters reported, citing ANZ analysts.

 

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are expected to meet tomorrow, June 1, 2021.

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