The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude prices approach three-year maximums
On Tuesday, Brent crude prices managed to consolidate recent revenues at $70 a barrel - a level not observed since 2014's dramatic crude market dive.
Oil prices have been stimulated by output curbs in OPEC nations as well as Russia, and also by firm demand on the back of sturdy global economic surge.
Brent crude futures dived 0.36% hitting $70.01 a barrel from yesterday’s settlement. However, market participants told that Brent gained support around this level.
On Monday, Brent reached $70.37 a barrel, demonstrating its strongest value since December, 2014.
American West Texas Intermediate crude futures hit $64.50 a barrel, adding 0.3% from their previous close. WTI managed to reach a December-2014 maximum of $64.89 a barrel in early trade.
As Morgan Stanley stressed, in 2017 crude markets turned to be 0.5 million bpd undersupplied. The financial institution added that a 200,000 bpd deficit will continue in 2018.
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