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Crude Holds Onto Friday’s Gains As Markets Awaits OPEC Decision

OIL
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Oil prices are moderately higher supported by today’s better risk tone and a slightly weaker US dollar . WTI is up 0.3% to $77.97 after a high of $78.03. The benchmark is struggling to hold breaks above $78. Brent is 0.2% higher at $82.28 after an intraday high of $82.36.

  • The focus this week is on the weekend’s OPEC+ meeting which will now be held online and on June 2 – one day later than the original schedule. The group is widely expected to extend its 2mbd of output cuts into H2 but until when and any changes to the details are unclear.
  • The current long weekend marks the start of the US driving season and gasoline demand will be monitored closely, but many Americans may choose to fly with the American Automobile Association expecting the highest number of people to go by plane this weekend in 20 years.
  • The US and UK are closed today for holidays. ECB’s Lane speaks and German Ifo survey for May prints.
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Oil prices are moderately higher supported by today’s better risk tone and a slightly weaker US dollar . WTI is up 0.3% to $77.97 after a high of $78.03. The benchmark is struggling to hold breaks above $78. Brent is 0.2% higher at $82.28 after an intraday high of $82.36.

  • The focus this week is on the weekend’s OPEC+ meeting which will now be held online and on June 2 – one day later than the original schedule. The group is widely expected to extend its 2mbd of output cuts into H2 but until when and any changes to the details are unclear.
  • The current long weekend marks the start of the US driving season and gasoline demand will be monitored closely, but many Americans may choose to fly with the American Automobile Association expecting the highest number of people to go by plane this weekend in 20 years.
  • The US and UK are closed today for holidays. ECB’s Lane speaks and German Ifo survey for May prints.