Despite recent losses, the commodity is on track to close June with gains of over 5 percent, after having advanced at the beginning of the month with the escalation of the conflict between Israel and Iran.
Mixed indicators from China, the world’s largest oil buyer, are among the factors that limited price momentum. The Purchasing Managers’ Index (PMI) points to a contraction in Chinese industrial activity in June.
In the last week, oil accumulated significant losses, given the maintenance of the ceasefire between Israel and Iran, which reduced projections of disruption to oil flows from the Middle East.
The coalition is expected to authorize an increase of 411,000 barrels per day in August, in line with the increases made in the previous three months.
OPEC+ (Organization of the Petroleum Exporting Countries+) began the process of reversing the cuts implemented in the last two years, both to neutralize the effects of persistently low prices and to deal with quota non-compliance by some of its members.
