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videos | IST

Brent crude rises above $76 per barrel, here’s what it means according to experts

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Energy prices have continued to gain on the higher side. 3 percent up in the previous week and crude prices are holding around 3-year highs, 6.5-year highs for the heating oil and the natural gas prices are at 2019 highs. The market has seen a pent-up demand coming back and that is clearly supporting the prices. All eyes are now on the OPEC Allies July 1st meeting.

Energy prices have continued to gain on the higher side. 3 percent up in the previous week and crude prices are holding around 3-year highs, 6.5-year highs for the heating oil and the natural gas prices are at 2019 highs.
The market has seen a pent-up demand coming back and that is clearly supporting the prices. All eyes are now on the OPEC Allies July 1st meeting.
Peter Mcguire, CEO of XM Australia said, “I am not expecting any real surprises. They are going to be very happy, as WTI crack at $74 per barrel and Brent over $ 76 per barrel. So, from a price perspective, they are happy to produce this and we have very unhappy consumers especially in India and other developing markets.”
On increase in production, Mcguire said, “I am not expecting any surprises so I think they will hold around this level. I think it will move just a little bit further upside from here, might be up a dollar.”
Watch the accompanying video for more.