U.S. crude stockpiles rose by 1 million barrels in the week to May 25, while global inventories are falling. Analysts’ expectations were a decrease of 525,000 barrels. WTI crude is $67.66; Brent is $77.26 this morning.
Economists say that oil remains well supported. Lending support to prices is speculation that U.S. crude stock will drop by 1.8 million barrels. The API - American Petroleum Institute will report supply data this afternoon. WTI crude is $66.93; Brent is $75.92 this morning.
Oil prices came under pressure last week after reports that OPEC and Russia are discussing plans to increase their production for the first time since 2016. WTI crude is $67.01; Brent is $75.77 this morning.
Though OPEC and Russia benefit from a higher oil price, their output cuts have allowed non-OPEC producers to ramp up production and gain market share. WTI crude is $69.48; Brent is $77.26 this morning.
Talk regarding possible supply increases by OPEC in June has boxed in oil prices for the time being, making an $80 per bbl price a short-term challenge. WTI crude is $70.99; Brent is $78.90 this morning.
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