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Oil prices rise ahead of OPEC+ meeting

Oil prices lacked direction throughout the trading session on Wednesday, June 30, closing near the flatline. By the close, Brent ticked up 0.03% to $74.53/bbl, and WTI added 0.07% to $73.16/bbl.

Today, the market awaits news from a meeting of the OPEC JMMC, as well as an OPEC+ meeting, which is scheduled for this evening, while media reports again began to circulate that Russia and Saudi Arabia had disagreements on the issue on the timing and volume for boosting oil production. Likely for this reason, the market shrugged off yesterday’s sharp drawdown in US crude oil inventories, down 6.72 mln bbl, while analysts expected a draw of only 4.69 mln bbl.

Prices have been trending higher on Friday morning in anticipation of good news from the OPEC+ meeting. In the upshot, Brent is up 1%, climbing back above $75/bbl, while WTI is trading 1.05% higher. Our Brent price forecast for today is $74.5-75.5/bbl.

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