Reported 6 months ago
Oil futures fell as traders awaited the upcoming OPEC+ meeting, leading to a directionless week of trading with West Texas Intermediate settling near $77 a barrel amid broader risk-off sentiment. Discussions within OPEC+ revolve around extending production cuts into the second half of the year and potentially into 2025, while the market is showing signs of weakness with crude piling up on the Gulf Coast. Futures marked a second consecutive monthly decline due to decreasing geopolitical risk premium, softening physical market, and weak summer demand, with the Brent futures timespread now in a brief bearish contango structure.
Source: YAHOO