While Brent crude oil remains around $81 per barrel, U.S. crude oil has stayed below $77. Memorial Day weekend is approaching in the U.S., which is typically considered the start of the peak driving season. Investors will be monitoring demand outlook.
Partly due to OPEC+'s production cuts, crude oil prices remain high this year, although futures have eased since mid-April.
The OPEC+ alliance is expected to meet on June 1st and is likely to extend existing production cuts until the second half of 2024. The group currently holds back approximately 2 million barrels of oil per day.
Analyst Zhou Mi from the Chaos Research Institute in Shanghai stated, ‘The upcoming OPEC+ meeting will clarify uncertainties regarding supply,’ and added that U.S. demand is recovering and should receive further support starting from the summer travel season.
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