2024-06-01 11:16:06
regular
June 1, 2024
15:16 pm
Oil costs fall forward of OPEC+ assembly and undergo weekly losses
Oil costs fell on Friday, recording a weekly loss, as traders targeted on the OPEC+ assembly scheduled for Sunday to resolve the alliance’s output ranges.
Brent crude oil futures for July supply fell 24 cents, or 0.3%, to $81.62 a barrel; Brent crude oil futures for August supply fell 77 cents, or 0.8%, to $81.11 a barrel. U.S. West Texas Intermediate crude futures fell 92 cents, or 1.2%, to $76.99.
Brent crude fell 0.6% for the week, whereas West Texas Intermediate fell 1%.
Markets are awaiting an OPEC+ assembly scheduled for Sunday, with sources telling Reuters the alliance is drafting a fancy deal that might prolong deep cuts in some oil manufacturing till 2025.
Information launched by the U.S. Vitality Info Administration on Friday confirmed that U.S. crude oil manufacturing rose to the very best degree this yr in March, whereas output of gasoline merchandise, an indicator of demand, fell 0.4% to 19.9 million barrels per day.
Oil markets have been underneath strain prior to now few weeks as U.S. borrowing prices are prone to stay excessive for an prolonged interval, which might damage crude consumption.
The 2 benchmarks had been headed for his or her largest month-to-month losses since December, following falling within the earlier session on a sudden construct in U.S. gasoline inventories. (Reuters)
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