Last week, crude oil prices rose from a low of $ 61.5 and will continue to trade this week at high of price $67. The increase was due to the positive expectations of the 17th meeting of OPEC + on Tuesday, June 1, 2021 that there will be no change in OPEC’s daily production policy.

It should be noted that in April, at the OPEC + meeting, OPEC and Non-OPEC countries agreed to increase the total crude oil production chain to 840,000 barrels per day and canceled the agreement in This April by promising to meet again on June 1, 2021.

Will OPEC’s total production chain increase of 840,000 barrels per day be approved for July? This can happen because it has been a topic since the beginning of April for OPEC +, but what often happens from this meeting is always surprising the oil market.

Other factors influencing oil price fluctuations:

Russia says total global crude oil demand is currently reaching 1 million barrels per day.

Positive from Iran’s lifting of sanctions, an increase in crude oil production.

Momentum demand for air travel and other energy-intensive means from the United States and Europe after relief from the COVID19 outbreak.

Trading Recommendations:

Buy between $ 67- $ 67.5, target at $ 68.5- $ 69.5, stop loss at $ 66 in case meeting does not increase productivity.

Sell between $ 68- $ 67, target at $ 66- $65 and stop loss at $ 68.5 in case of an agreement to increase the total production chain by 840,000 per day.

Analyzed by: Mr.Nhim Kosol, Independent Analyst