Oil prices rose Monday, buoyed by growing optimism about summer demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC). The acceleration in prices, while modest, reflects a buoyant oil market.
The price of a barrel of Brent jumped by 0.81% or 69 cents to reach 85.69 dollars at 13:36 (GMT). This increase allows Brent to remain around 85 dollars per barrel, a symbolic threshold crossed recently.
The price of a barrel of WTI (West Texas Intermediate) also rose, rising 0.72% or 59 cents to $82.13. This increase puts WTI slightly below $83 per barrel.
It is important to note that the price increase observed on Monday remains moderate. Brent and WTI prices increased by around 6% in June, but this upward trend has slowed somewhat in recent days.
A plethora of factors will influence the evolution of oil prices over the coming months:
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Summer demand: Oil demand is expected to increase during the summer, supported by travel and leisure activities. This trend could boost prices.
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OPEC’s strategy: OPEC will continue to play a crucial role in price developments. The cartel’s decision to maintain its production cuts until 2025 should support prices.
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The geopolitical environment: Geopolitical tensions, particularly in the Middle East, could disrupt oil supplies and push up prices.
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The global economic situation: An economic slowdown could dampen demand for oil and weigh on prices.
The oil market is currently presenting a mixed picture. While summer demand and OPEC restrictions are supporting prices, volatility remains. Investors and consumers will need to closely monitor the various factors discussed above to anticipate oil price fluctuations in the coming months.
