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OPEC+ set to maintain current output cuts next week- Brent testing $83

Yesterday the rebound in oil prices was covered in an update here and it seemed that a degree of short covering in July Brent ahead of the contract expiry this week played a part in the rise to above $83. There was not Brent settlement on the NYMEX exchange last night due to the index closure. Had there been one, then it would have probably been above $83 per barrel. The rise in geopolitical tensions in the Middle East did help to propel Brent to a fresh rebound high earlier this morning, at $83.33, but it is tailing off just now. Many leading analysts seem to expected OPEC+ to maintain their current output cuts next week, for at least 3 months (June 2), but of course the July contract will expire before then. The US investment Banking giant, GS see oil demand rising this year. Brent for July delivery is currently trading at $83.04

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