Price trend

On June 3, international crude oil futures prices continued to rise. The settlement price of the main U.S. WTI crude oil futures contract was reported at 118.87 US dollars per barrel, an increase of 2.0 US dollars or 1.7%; the settlement price of the main contract of Brent crude oil futures was reported at 119.72 US dollars per barrel, an increase of 2.11 US dollars or 1.8%.

Analysis review

The main reason was the expected impact of supply tightening. Although the Organization of the Petroleum Exporting Countries (OPEC) decided to adjust its production policy, the increase in production targets was very limited compared to the previous one. Combined with the driving season in Europe and the United States to stimulate demand and the relaxation of restrictions in China, the expectation of tightening global supply continued to strengthen.

Market outlook

The crude oil analysts of SunSirs believe that under the support of favorable supply and demand, oil prices will remain high in the short term.

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