Oil prices were little changed on Friday as traders await upcoming deliberations among OPEC+ producers that may lead to a supply hike.

Underlying sentiment remained positive after U.S. President Biden and a group of senators agreed on a $1 trillion infrastructure plan.

Brent crude futures for August delivery held largely steady at $75.59 per barrel, while American benchmark West Texas Intermediate (WTI) crude futures were virtually unchanged at $73.31 a barrel,

The OPEC+ alliance meets on July 1 to discuss further easing of their output cuts from August. The group had previously agreed to gently raise production until the end of July.

It is expected that producers will take a cautious approach to output increases and will try to balance the market’s need for more supply against the fragile nature of the recovery in demand.

Oil prices also remain supported by rising hopes of better demand at the onset of the summer driving season, as vaccination campaigns against the COVID-19 pandemic gather pace around the world.

Britain will next month publish plans to allow fully vaccinated people to travel unrestricted to all countries except those with the highest COVID-19 risk.

The material has been provided by InstaForex Company – www.instaforex.com


Please enter your comment!
Please enter your name here