Oil prices are experiencing a sharp decline this week, its first in two weeks. The period is ending with four consecutive sessions of losses and Friday is on course to close in the red as well. On Thursday, crude oil settled at multi-month lows, driven by concerns over prolonged high U.S. interest rates which could stifle demand growth in the world's largest oil market.
Meeting Outlook Investors are also closely monitoring the upcoming June 1 meeting of the Organization of the Petroleum Exporting Countries and its allies . The group will decide on its output policy, which could significantly impact global supply dynamics. decisions often sway market sentiment, and traders will be keen to see if the group opts to adjust production in response to current market conditions. Any indications of supply cuts or increases will likely influence crude oil prices in the near term. Physical Crude Market Conditions Globally, physical crude markets are experiencing downward pressure due to soft refinery demand and ample supply. Despite a seasonal increase in gasoline consumption, overall market sentiment remains cautious.
decisions to navigate the evolving landscape. In conclusion, while some supportive factors like robust gasoline demand exist, the overall sentiment leans bearish due to economic uncertainties and inventory builds. The next few weeks will be critical as traders assess the impact of Fed policies and global supply factors on crude oil prices. Technically, the short-term direction will be determined by how traders react to $76.91 to $74.40.
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