Oil prices rose on Tuesday during the Asian trading period, continuing the gains of the previous session, supported by expectations of strong demand for fuel from the United States during the summer, and before the OPEC meeting scheduled for June 2.
Despite the quiet trading yesterday due to public holidays in Britain and the United States, the prices of points rose more than 1%.
Analysts said the forecast of strong demand for fuel with the start of the summer driving season and holidays in the United States provided support for prices.
UBS expects OPEC to extend the current production cuts for at least another three months OPEC will meet via a virtual meeting at the end of next week.
UBS points out that oil is still a valid geopolitical hedge, and sees Brent crude trading at around 87 dollars per barrel by the end of this year.
