Oil End of Day Summary: WTI Lower Ahead of OPEC+ Meeting

WTI is set to close the day trading lower as the market awaits the OPEC+ meeting June 2. A weaker US economic outlook and a muted start to US summer driving season are adding pressure.

• WTI JUL 24 down 1% at 77.13$/bbl
• Dallas Federal Reserve President Lorie Logan said Friday, "I think it's too soon to really be thinking about rate cuts."
• Core PCE inflation came in at 0.249% in May, just about rounding down to a 0.2% M/M to bring it in line with the Bloomberg consensus
• OPEC+ is set to change its meeting venue for a second time, with ministers now planning to discuss the policy in-person in Riyadh, according to delegates cited by Bloomberg.
• OPEC+ is working on a complex production cut deal for 2024-2025 for its June 2 meeting according to Reuters sources Thursday.
• Citi base case expects OPEC+ to rollover current output cuts into early 2025.
• OPEC+ now plans to hold its next meeting in Riyadh, Saudi Arabia, a delegate says Bloomberg reports.
• The US oil rig count was down one on the week to 496, according to Baker Hughes, a decline of 59 rigs, or 10.6% on the year
• An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days fell to 19%, according to Bloomberg sources.