OPEC+ Meeting on Oil Supply
Saudi Energy Minister Prince Abdulaziz bin Salman’s comments after the meeting buoyed the market. He said he saw a solid demand recovery in the United States and China and added that the pace of vaccine rollouts “can only lead to further rebalancing of the global oil market”.
Two Western diplomats and an Iranian official said the talks would likely pause on Thursday, but it was unclear if talks would resume before Iran’s June 18 presidential election.
In addition, investors will be on the lookout for the weekly inventory data from American Petroleum Institute, due later on Wednesday, and data from the U.S. Energy Information Administration, set to be published on Thursday.