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Oil Summary at European Close: Crude Falls Ahead Of OPEC+ Meeting

OIL
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Crude is edging down both on the day and on the week as the market focuses on the OPEC+ meeting June 2. Downside pressure comes from added pessimism over near-term Fed rate cuts and EIA data showing weaker product demand.

  • Brent JUL 24 down 0.2% at 81.68$/bbl
  • WTI JUL 24 down 0.7% at 77.36$/bbl
  • Brent JUL 24-AUG 24 up 0.25$/bbl at 0.23$/bbl
  • WTI-Brent down 0.25$/bbl at -4.29$/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 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.
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Crude is edging down both on the day and on the week as the market focuses on the OPEC+ meeting June 2. Downside pressure comes from added pessimism over near-term Fed rate cuts and EIA data showing weaker product demand.

  • Brent JUL 24 down 0.2% at 81.68$/bbl
  • WTI JUL 24 down 0.7% at 77.36$/bbl
  • Brent JUL 24-AUG 24 up 0.25$/bbl at 0.23$/bbl
  • WTI-Brent down 0.25$/bbl at -4.29$/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 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.