Source: Rigzone & Vietnambiz
Oil slips as rally starts to cool
Oil slipped after hitting $70 a barrel in New York for the first time since October 2018 as a rally driven by signs of a tightening market eased.
Futures jumped 5% last week and were unable to break above the $70 marker Monday, June 7th. The long-term demand outlook remains bullish as vaccination rates climb worldwide, driving greater mobility. OPEC+ appears in control of crude prices, with U.S. production still below pre-pandemic levels, said Mike Muller, Vitol Group’s head of Asia.