- WTI gained more than 4% in the previous week.
- OPEC + is expected to maintain its plan to ease production cuts through July.
- Iran’s Oil Minister says production could reach 6.5 million bpd if the United States lifts sanctions.
Crude oil prices rose sharply last week and the barrel of West Texas Intermediate (WTI) it earned more than 4% to settle at around $ 66. On Monday, WTI continued to climb and was last seen gaining 0.55% on the day at $ 66.97.
With an eye on the OPEC meeting
Investors await the OPEC meeting that will take place on Tuesday. Last week, Reuters reported that producers in OPEC and non-OPEC, the group known as OPEC +, were expected to stick to their plan to reduce production cuts through July.
“In my opinion, not loosening up on production cuts any more is a wise decision,” one of the OPEC + sources told Reuters. However, the WTI rise remains limited so far and investors are on the sidelines as they await the final outcome of the Iran nuclear talks.
Iranian Oil Minister Bijan Zanganeh said on Monday that Iran’s oil production could easily reach 6.5 million barrels per day (bpd) if the United States lifted sanctions and the parties reached an agreement to reactivate the nuclear deal. 2015.
The American Petroleum Institute (API) and the United States Energy Information Administration (EIA) will release weekly crude oil stock reports on Wednesday and Thursday, respectively.