Reported 5 months ago
Oil prices remain near a three-month low due to ample near-term supplies and reduced geopolitical risks, ahead of the upcoming OPEC+ meeting next month. Global benchmark Brent crude's prompt spread indicates a bearish contango structure, signaling sufficient supplies in the near future, despite both Brent and West Texas Intermediate futures settling higher on Friday. Traders are monitoring fuel demand as the Memorial Day holiday weekend kicks off the peak driving season in the US. OPEC+ is expected to extend production cuts during their meeting on June 2, supporting oil prices that have fallen since mid-April.
Source: YAHOO