Oil rises on lowered output.
Oil continues to rise today as the global demand for oil continues to improve with multiple countries lifting the travel restrictions and the travel season approaching. The travel boom expected this summer – due to European countries allowing their vaccinated citizens to travel freely across the union – is expected to push oil prices even further. Besides this the latest output easing from OPEC+ was offset by the lowered output form the other suppliers. The biggest drop was in Nigeria, where exports slowed from a number of terminals. Angolan supply also declined. Iran, which has managed to raise exports since the fourth quarter despite U.S. sanctions, exported less in May due to lower demand in China.
Except buyers on downward corrections.
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