Oil Near Three-Month Low With OPEC+ Supply, US Demand in Focus - Yahoo Finance
Oil Holds Near Three-Month Low With OPEC+, US Demand in Focus
(Bloomberg) -- Oil steadied after a weekly loss, with the focus on an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season.
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Brent futures held above $82 a barrel after dropping 2.2% last week and touching the lowest since early February, while West Texas Intermediate was near $78. The Organization of the Petroleum Exporting Countries and its allies will hold its policy meeting online, and is widely expected to prolong production cuts into the second half of 2024.
Markets are closed on Monday for holidays in the UK and the US, where the Memorial Day weekend kicks off the summer driving season. The number of travelers expected to fly during the weekend may be the highest in nearly 20 years, according to the American Automobile Association.
Brent is still up about 7% this year, supported by persistent geopolitical risks and OPEC+’s 2 million barrels a day of production cuts. Still, futures have fallen since mid-April as nervousness that the conflict in the Middle East would spread eased.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.