Via ANZ, a good overview of oil heading into the OPEC+ meeting July 1:
- group … reviews its production agreement
- Increased travel and strong economic growth is likely to see the recovery in demand accelerate. This will tighten the oil market.
- However, the situation is fragile amid sudden outbreaks of COVID and the possibility of rising supply from a variety of sources.
- The market is calling out for more crude oil, while others are concerned about the inflationary impact of higher prices.