Tuesday, June 22, 2021

Global crude oil futures extend gains for third straight day

Global crude oil futures extended gains for the third straight day today, as bullish forecasts on recovering demand this summer outweighed concerns about the impact of rising COVID-19 cases in India, Japan and Brazil. So, Brent crude for June rose 49 cents, to trade at USD 67.76 a barrel, while US crude futures for June gained 43 cents, to USD 64.29 a barrel.

Meanwhile, the Organization of the Petroleum Exporting Countries, together with Russia and their allies, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC slightly raised its 2021 demand growth forecast to 6 million barrels per day.

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