Oil prices set for steepest weekly drop in 3 months
==========
Oil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks. Brent crude futures for July rose 24 cents to $83.91 a barrel by 0514 GMT. U.S. West Texas Intermediate crude for June was up 19 cents, or 0.3%, to $79.19 per barrel. Both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, and in other parts of the world. Brent headed for a 6.3% weekly decline, while WTI moved towards a loss of 5.6% on the week. Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.
#OilPrices #Opec+ #DemandUncertainty #MiddleEastTensions #SupplyRisks
https://finance.yahoo.com/news/oil-steadies-heads-weekly-drop-005149579.html
Yahoo Finance /
npub1j0e…3yhd
2024-05-03 08:31:39
Author Public Key
npub1j0e6zhr82q4par2f4ecr67zvj0ltv8qgqr8v3llw2ed6qvdrm4fs9s3yhdPublished at
2024-05-03 08:31:39Event JSON
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"content": "Oil prices set for steepest weekly drop in 3 months\n==========\n\nOil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks. Brent crude futures for July rose 24 cents to $83.91 a barrel by 0514 GMT. U.S. West Texas Intermediate crude for June was up 19 cents, or 0.3%, to $79.19 per barrel. Both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, and in other parts of the world. Brent headed for a 6.3% weekly decline, while WTI moved towards a loss of 5.6% on the week. Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.\n\n#OilPrices #Opec+ #DemandUncertainty #MiddleEastTensions #SupplyRisks\n\nhttps://finance.yahoo.com/news/oil-steadies-heads-weekly-drop-005149579.html",
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