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Crude oil futures hit a two-year high thanks to the OPEC+ forecast and the situation in Iran's nuclear negotiations.
OPEC+ maintained its plan to increase production in July, with Saudi Arabia saying there may be no breakthrough in the current round of talks in Vienna on Iran's return to the 2015 nuclear deal. Crude oil futures on the US market climbed to their highest level in more than two-and-a-half years as the OPEC+ predicted tighter global oil supply and demand and negotiations on Iran's nuclear deal had not yet reached a breakthrough. At one point, West Texas Intermediate was up 3.8% from Friday's closing level of $68.87, and Brent crude futures exceeded $70. The OPEC+ committee's assessment of the market shows that the excess oil stock accumulated during the epidemic has been almost exhausted.
Us manufacturing accelerated growth due to strong orders in May, but the employment situation is not optimistic.
Us manufacturing growth accelerated in May as order growth was stronger, highlighting continued robust demand. The index of business activity rose to 61.2 in May from 60.7 in the previous month, roughly in line with expectations, according to data released by the Institute of supply Management ((ISM)) on Tuesday. The report also shows that input prices are still high and the backlog of orders is at a record high. The index of new orders rose to a more than 17-year high, with the longest delivery time since 1974, indicating that manufacturers continue to face supply shortages and shipping delays. The ISM report also showed that output grew at a rate of nearly a year in May.
OPEC+ maintains its plan to increase production in July. Saudi Arabia says demand has improved significantly.
OPEC+ maintained its plan to increase production in July, and Saudi Arabia's energy minister expressed optimism about the global recovery. According to delegates, after increasing production in May and June, OPEC+ will press ahead with its plan to increase production by 841000 barrels a day in July. As supply tightens in the market and there is likely to be a gap between supply and demand later this year, OPEC+ will face more difficult choices. "there are clear signs of improvement on the demand side," Saudi Energy Minister Abdulaziz Ben Salman said at the start of the meeting. Russian Energy Minister Novak talked about "gradual economic recovery." OPEC+ spent more than a year
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