Remarks by Citi’s global head of commodities research, Ed Morse
- The market is very tight, supply increase of 400k bpd will turn out to be a pittance
- Demand is significantly higher, despite the pandemic still rampant
- Oil prices likely to climb much further by the time summer is over
More reaction to the OPEC+ agreement over the weekend, as the bloc formalises a deal that will see output cuts eased starting from August.
Oil continues to sit lower by around 1% at $71.08 to start European trading, with key daily support still intact around the $70.80-10 region before $70.00 comes into play.