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Crude prices to average around $75-76/bbl in July-Aug, says Wood Mackenzie's Sushant Gupta

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According to Sushant Gupta of Wood Mackenzie, the hike in prices has been driven by demand recovery in many economies like the US, Europe, China.

The crude oil prices have been on an upward trajectory. The latest trigger for the rise in prices has been the US crude inventories that have declined for the fifth straight week.
Moreover, there were statements coming in from Exxon, Total, Shell officials saying that with the kind of supply tightness the markets are looking at, there is room for upside in crude prices. The OPEC and allies would also be meeting on July 1.
To discuss the crude prices and demand scenario, CNBC-TV18 spoke with Sushant Gupta of Wood Mackenzie. According to him, the hike in prices has been driven by demand recovery in many economies like the US, Europe, China. “We expect oil prices in July and August to average around $75-76 per barrel and for the second half to average around $75 per barrel.”