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U.S. crude futures hit their highest level in more than two years after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting.
West Texas Intermediate rose as much as 2.6% from Friday’s close to $68.04 a barrel. Global benchmark Brent topped $70 earlier Tuesday.
The oil glut built up during the pandemic has almost gone and stockpiles will slide rapidly in the second half of the year, according to an assessment of the market from an OPEC+ committee. The coalition is expected to ratify a scheduled output increase for July when it meets later Tuesday.
A robust recovery from the pandemic in the U.S. and Europe has given the group confidence that the market is ready to absorb any extra barrels. The group’s Joint Technical Committee forecast stockpiles will fall by at least 2 million barrels a day from September through December.
