Crude oil prices have soared above the $76/bbl market a level last seen in October 2018. All eyes now move to the OPEC+ who are meeting on July 1 to discuss further easing of their output cuts from August. OPEC+ are still withholding around 6 million barrels a day of crude.
The supply concerns are also rising as the prospect of sanctions on Iran being lifted and more of its oil hitting the market anytime soon has dimmed, with a U.S. official saying serious differences remain over a range of issues over Tehran's compliance with the 2015 nuclear deal.
Meanwhile, Oil Minister Dharmendra Pradhan urged OPEC to phase out production cuts sooner, maintain crude prices at a reasonable level.