Oil prices are edging higher on Friday but are poised to end the week with losses as the continued improvement in fuel demand and subsequent economic recovery remain in focus. This comes amid easing restrictions and lockdowns in Europe but enhanced measures in India and Japan, the third and fourth world’s largest oil importers. Key Chinese port oil stockpiles came in at an 11-week low, which may have helped buoy sentiment. The market may be looking ahead to next weeks OPEC+ ‘technical meeting’ to reassess the previously agreed upon production increases. The market remains bullish trend with today’s range seen between 60.01 – 65.19.

Crude Oil Jun ’21 Daily Chart
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Alexander Turro

Senior Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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