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Oil Prices Jump to New Highs on Demand Outlook, OPEC Meeting

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   |    Tuesday,June 01,2021

WTI and Brent prices both jumped at the start of the week, largely due to the demand forecast, which is slated to increase as people resume travel activities as COVID restrictions are lifted.

As of midday 6/1, WTI is at $68.49/barrel, up 2.8% from Friday's $66.61. Brent comes in at $71.52/barrel, a gain of 2.6% from last week's $69.71 (see graphs below).

OPEC+ also met today and agreed to near-term production increases of two million barrels per day, which would align with the dwindling supply seen due to demand increases.

In a statement, OPEC said: "[We] reconfirmed the existing commitment of the 10th OPEC and non-OPEC Ministerial Meeting in April 2020, amended in June, September, and December 2020, as well as in January and April 2021 to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions."


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