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Crude Futures Higher Ahead Of OPEC+ Meeting


Oil is higher again in Asia-Pac trade on Tuesday; WTI is up $1.34 from settlement at $67.66/bbl while Brent is up $0.92 at $70.24. Markets are focusing on comments from the OPEC+ group who see tighter conditions in the oil market according to its latest communication. The group meets later today and ahead of the meeting has said that the stockpile glut built up during the pandemic has almost been used up and expects inventories to reduce in the second half of the year. The group is expected to confirm the supply increase due for July which would complete the return of 2m bpd since May. Elsewhere, there were reports that Nigeria's NNPC are looking to purchase stakes in six private refineries to meet requirements in a government directive.

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