Oil rallies as OPEC sees demand rebound
Jared Blikre breaks down rising prices in oil as OPEC and allies are expected to relax production cuts as demand continues to improve.
Video Transcript
MYLES UDLAND: We find Jared Blikre where the stock market has opened higher to get the trading month of June underway. But Jared, we saw in the heat map earlier, the energy markets really in focus here as we get this month underway.
JARED BLIKRE: That's right. We got OPEC Plus meeting this morning in Vienna virtually, and let's take a look at the Wi-Fi Interactive. Crude prices, as Julie was talking about, are at the highest they've been in about two and 1/2 years. You'd have to go all the way back to October of 2018. And you can see, this is a five-year chart here, you can see we haven't seen these prices since this area over here.
Now the implications for the market and what everybody's looking for, some kind of color on whether or not the Iran sanctions, if they are lifted, what implications that's going to have for the calculus by OPEC Plus itself. So the thinking is, there might be some kind of bullish surprise today. And that could all center around the idea that OPEC is going to keep a very tight supply market. So we'll be taking a look at that. Also want to get a check of the energy market after we open. We can see ExxonMobil, Chevron, each up more than 2%. Guys.
MYLES UDLAND: All right, Jared Blikre, live on the floor of the New York Stock Exchange on this Tuesday.
