Global oil prices achieved new gains in early trading today, Tuesday, for the second time in a row, amid expectations of an increase in US demand in exchange for lower production by the OPEC Plus alliance.
And by 07:30 am GMT, the price of Brent crude futures rose 0.3% to $ 76.19 a barrel.
At the same time of trading today, US West Texas Intermediate crude rose 0.3 percent, to $72.26 a barrel.
And news reports expected that the voluntary production cuts announced by the OPEC Plus alliance, which came into effect this month, would lead to a decrease in supplies in the global oil markets.
It was stated that the total exports of crude oil and petroleum products from OPEC Plus decreased by about 1.7 million barrels per day by mid-May 2023, and Russian oil exports are likely to decline by the end of this month.
The rise in oil today is supported by what the US Department of Energy said at the end of last week about its purchase of three million barrels of crude oil to refill the Strategic Petroleum Reserve for delivery next August.
Investors are also following the results of the new round of talks between the President of the United States, the world's largest oil consumer, Joe Biden, Speaker of the House of Representatives Kevin McCarthy, and some congressional representatives about raising the federal government's debt ceiling of $31.4 trillion, after the failure of the last round in this regard.
By the end of trading on Monday, Brent crude futures for July delivery increased by 0.5%, at $75.99 a barrel, and the US Nymex crude for June delivery increased by 0.6%, or 44 cents, to record $71.99 a barrel.
It is noteworthy that the International Energy Agency expected in its monthly report that demand will exceed supply by about two million barrels per day during the current year.
