Monthly Pricing - 01/07/2021

Brent crude prices reached $74.90/bbl, the highest since April 2019, amid an improved outlook as economies reopen with people starting to travel and return to offices.

After reaching a high of 1.4183 against USD as UK adults are invited for their vaccine, GBP fell to 1.3799 as the UK government postponed the easing of lockdown.

The International Maritime Organization (IMO) formally adopted the rules to reduce the carbon intensity of existing ships by 40% by 2030 compared with 2008 levels.

Price Drivers

Supply OPEC+ has said it will continue with supply increases. EIA reports rise in output from 7 major US shale plays.
Demand OPEC sees oil demand exceeding supply by 1.4 mbpd. TomTom reports traffic across 15 EU cities has hit 2019 levels.
Geo-Political US urges Iran to “refrain from taking further steps”. UK-EU fail to agree post Brexit trade issues in Ireland.