InvestorQ : How do you see crude oil prices in the month of June? Do you see oil prices moving higher in June 2020?
diksha shah made post

How do you see crude oil prices in the month of June? Do you see oil prices moving higher in June 2020?

Answer
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Priyanka N answered.
4 months ago


After a long gap, oil may finally see a better balance in June 2020. The demand pick-up and the supply cuts are likely to ensure that oil demand and supply get balanced. Russia confirmed that all the signatories to the supply cut agreement had reduced output in May to the committed levels. In addition, across the world gasoline demand had started picking up as vehicles and factories got back into action. This is expected to erase the surplus of around 12 million barrels by end of June. This will also erase the storage concerns and help support crude prices. Crude has already doubled since the lows of April 20 and if this demand / supply situation is favorable, then oil prices could be buoyant in June 2020.