Oil prices continue to grow on traders optimism regarding the prospects for demand.
Next Monday, May 31, the States marked the day of memory, which traditionally opens the automotive season, and experts expect that the increase in citizens’ mobility will lead to an increase in oil and petroleum products in the country.
The growth of oil consumption in the United States will also contribute to a successful campaign for coronavirus vaccination, Goldman Sachs experts are noted. More than 61% of the US adult population has already received at least one dose of the vaccine, and the number of new cases of incidence of COVID-19 last week increased only by 0.5% – the minimum pace since March 2020.
Cost of July Brent Oil Futures on the London Stock Exchange Ice Futures is currently $ 68.58 per barrel, which is $ 0.12 (0.18%) above the price of closing the previous session. According to the results of trading on Monday, these contracts went up by $ 2.02 (3%) – up to $ 68.46 per barrel.
WTI oil futures price for July at the electronic bidding of the New York Commodity Exchange (NYMEX) by this time is $ 66.1 per barrel, which is $ 0.05 (0.08%) above the final value of the previous session. On the eve of the cost of these contracts increased by $ 2.47 (3.9%) – up to $ 66.05 per barrel.
Increasing the demand for oil will allow compensate for the expected growth of the proposal from Iran, consider in Goldman Sachs.