Sunday, May 19, 2024

Oil slips ahead of OPEC + supply policy meeting presented by Reuters


© Reuters. Oil resources in Texas, photo from the Reuters archive.

TOKYO (Reuters) – The OPEC + distribution policy fell ahead of a meeting on Monday, which could decide whether to continue the latest price rally as the world continues to recover from the COVID-19 epidemic.

Crude oil prices fell 24 cents, or 0.3 percent, to 7944 per 0143 GMT.

Brent rose 1.5 percent last week, the fourth consecutive weekly increase.

U.S. oil prices, which have risen over the past six weeks, fell 27 cents, or 0.4 percent, to $ 75.61.

Oil prices soared amid supply disruptions and global demand recovery, pushing Brendan to a nearly three-year high of $ 80 last week.

(ANZ Research) In a note, “Risk hunger has been fueled by growing confidence in a strong rise in global growth … Investors are focusing on the upcoming OPEC + meeting.”

OPEC +, which includes allies including the Organization of the Petroleum Exporting Countries (OPEC) and Russia, is scheduled to meet later Monday.

(Produced by Ahmed Sophie for the Arabic Newsletter)

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See also  Falling oil prices due to high inflation in the US and closures in China | Latest news

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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