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Oil Futures Soar Amid Summer Season and Global Political Shifts 

um editor

UM Editor

June 11, 2024 at 11:22 am

On Monday, WTI crude futures experienced a significant increase, rising by 2.2% and closing at $77.4 per barrel, marking their highest point in more than a week. This was the most substantial one-day gain seen since February and was driven by the anticipation of a rise in fuel demand during the summer season. 

Investors are now turning their focus to upcoming pivotal events such as the Federal Reserve’s decision on interest rates and an important report on US inflation. Previously, on Friday, the oil market was under pressure due to the robust US employment figures, which resulted in traders scaling back their expectations for a reduction in interest rates. Consequently, they changed the economic growth and energy demand projections for the worse. 

Additionally, market participants are keeping an eye on political developments in Europe. This comes after French President Emmanuel Macron announced a snap election, prompted by his party’s defeat to Marine Le Pen’s National Rally during the EU elections that took place on Sunday. 

Moreover, oil prices last week reflected the commodity’s third consecutive weekly decline. Concerns are growing because OPEC+ is considering easing some production cuts and has come to an agreement to step up production from October onward, extending through September of 2025. 

(WTI Crude Six-month Chart) 

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