Free Trial

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.