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Crude Extends Decline on Potential Unchanged OPEC and Weak Global Demand

OIL

Crude extends the decline on demand concerns and market expectation that OPEC+ will keep production targets unchanged at the meeting on 4 June.

  • US recession concerns and weaker manufacturing data in China could limit oil demand growth despite progress towards a deal on the US debt ceiling.
  • Reports from HSBC and Goldman today say OPEC+ are likely to keep policy unchanged.
  • Next key technical support for Brent is at 20 March low of 70.1$/bbl and WTI at 4 May low of 63.9$/bbl.
    • Brent AUG 23 down -2.2% at 72.12$/bbl
    • WTI JUL 23 down -2.3% at 67.85$/bbl
    • WTI-Brent up 0.14$/bbl at -3.98$/bbl
    • Brent AUG 23-SEP 23 down -0.1$/bbl at 0.07$/bbl
    • Brent DEC 23-DEC 24 down -0.45$/bbl at 2.18$/bbl
Energy BulletsCommodities
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