Novel coronavirus pneumonia and OPEC have promised to better comply with the production cuts, which means that OPEC+'s production reduction measures may deepen in July, and there are signs that oil demand that may be hit by the new crown pneumonia epidemic may recover and support oil prices.
In addition, the International Energy Agency (IEA) forecasts that global inventory is expected to decrease rapidly in the next six months, and theoretically, every quarter in 2021; IEA forecasts that global oil production will fall to 86.4 million barrels per day in June, the lowest level since 2010. The number of active oil rigs in the United States was 189 in the week, down 10 on a month on month basis and 14 on a week on month basis, according to data released by Baker Hughes, an oil field technical service company. All this news is good for oil prices.
At the end of the day, light crude oil futures for July delivery on the New York Mercantile Exchange rose $0.91, or 2.34%, to $39.75 a barrel. Brent crude oil futures for August delivery rose $0.68 to $42.19 a barrel, or 1.64%. Some analysts have warned of the risk of a spike in oil prices.