Brent and WTI show growth, despite uncertainty about quotas

June Brent futures rose to $66.88 per barrel, while WTI rose to $62.97 per barrel. Earlier, oil prices fell by 2-2.2% due to rumors that OPEC+ countries may accelerate production growth in June. The decision on this issue will be discussed at the meeting on May 5.

Analysts note that at the current level of compliance with OPEC+ quotas, it may continue to increase oil production at an accelerated pace. Additional support for prices is provided by signals about the readiness of the United States and China to negotiate a trade agreement, but Washington does not intend to reduce duties on Chinese imports yet. If the conflict between the countries escalates, the increase in oil demand in China this year may decrease from 180,000 to 90,000 barrels per day.

Against the background of a weakening dollar, oil is becoming more attractive to holders of other currencies. The DXY index, reflecting the dollar exchange rate, decreased by 0.55%. 

Over the past week, gasoline stocks in the United States decreased by 4.476 million barrels, distillates – by 2.353 million barrels. This significantly exceeds the forecasts of experts. U.S. oil reserves increased by 244,000 barrels, while reserves at the Cushing terminal decreased by 86,000 barrels.