Crude oil prices rose after OPEC+ announced to continue production hikes. Brent has crossed $65. WTI crude is also trading above $63. The rise has been due to the reduction in production in the US and global tensions. The second round of talks between Russia and Ukraine in Istanbul also failed, due to which the chances of ending the war are low.

OPEC+ is firm on its production hike in July. In July, production was increased by 4.11 lakh barrels per day. Meanwhile, US President Donald Trump has said that the US will not allow enrichment of uranium in any agreement with Iran. Iran is demanding to ensure that any agreement has a provision to lift the ban. At the same time, Iran has indicated to reject the US nuclear deal proposal. 7% of the country's total production has been affected by forest fires in Canada.

Energy expert Narendra Taneja says that there is no big difference in the demand and supply of crude oil. As far as geopolitical tension is concerned, there is neither any good news nor any bad news about Ukraine. Talks between Russia and Ukraine will continue. Both the countries do not want to displease the US President. Due to which there is a hope here.

Although there is some tension regarding Gaza, but not so much that it would impact the prices significantly. 

Narendra Taneja believes that the price of Brent crude oil can remain in the range of $ 62 per barrel to $70 per barrel. However, sometimes there may be some fluctuations due to some reflation. But I do not see any reason why the price of Brent crude oil will go above $ 70 per barrel.

Source: Moneycontrol 

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