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7 Jun, 2021 10:29

Oil slips from 2-year peak on prospect of higher Iranian exports & OPEC+ discipline

Oil slips from 2-year peak on prospect of higher Iranian exports & OPEC+ discipline

Global prices for crude have eased a little after hitting a two-year high of $72 per barrel as expectations of a rise in Iranian oil supply heated the market, while OPEC+ supply curbs provided underlying support.

Brent crude dropped 0.86% to $71.27 per barrel at 07:45 GMT on Monday after topping $72.27 on Sunday, the highest since May 2019. US West Texas Intermediate touched $70 for the first time since October 2018, but reversed course to trade at $69.06, down 0.80%.

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The easing of Covid-related restrictions across the United States and Europe sent demand higher, while members of the Organization of the Petroleum Exporting Countries and allies show their full commitment to agreed supply restraints through July. In another hopeful step for demand, India began a gradual easing of restrictions.

“With some improvement in the pandemic situation in India and the recovery in the US, China and Europe remaining on track, oil should remain a buy on dips,” Jeffrey Halley, an analyst at brokerage OANDA, said as quoted by Reuters.

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The supply curbs pushed by OPEC+ along with global recovery from the pandemic-induced crisis have sent Brent up by over 37% since the beginning of the year.

Meanwhile, Iran and global powers are set to enter another round of talks in Vienna as early as this week. The negotiations could result in the lifting of economic sanctions imposed on Iranian oil exports by the previous US administration.

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