Oil price to rise again as supply boost disappointsBloombergOil headed for a sixth weekly advance after a keenly anticipated OPEC+ meeting delivered only a modest increase in output, which failed to assuage concerns over a widening supply deficit. Saudi Aramco’s Ras Tanura oil refinery and oil terminal is pictured in Saudi Arabia on May 21, 2018. Photo: ReutersA report showing US crude stockpiles falling more than twice as much as expected last week at the start of the summer driving season highlighted the growing supply deficit. ING’s forecast for the Brent crude oil price to average US$122 a barrel over the second half remains unchanged, he said. The ramp-up in OPEC+ supply would not be enough to balance a market that is shifting into deficit due to the demand recovery in China, Goldman Sachs Group Inc said in a note.

Source: Taipei Times June 03, 2022 16:12 UTC