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Global markets have seen an increase in oil prices ahead of the expected meeting of OPEC+ member countries on 1 June. Market participants predict that the organisation may extend or even tighten existing restrictions on oil production to support prices amid volatile demand. This was reported by Reuters.
Thus, the price of a barrel of Brent crude rose to $89.3, while US WTI is trading at around $84 per barrel.
Analysts note that the main factors influencing the market are fears of a slowdown in economic growth in the US and China, as well as geopolitical risks in the Middle East.
The OPEC+ countries are expected to consider extending the voluntary oil production cuts that were in place in the first half of 2024 to prevent oversupply and a price collapse.
“The OPEC+ decision will determine the balance of the global oil market in the coming months,” said Energy Aspects, a think tank.
Amid these expectations, investors are increasing their positions in oil contracts, which is further driving up prices.
