Oil steady on Thursday

By Aya Anwar On May 30, 2024

Oil steadied post-Wednesday’s dip, with a focus on US stockpile data and an upcoming OPEC+ meeting for supply-demand clarity, Bloomberg reported.

Brent crude hovered near $84, down 0.7 per cent from the previous, while WTI neared $79.

Notably, commodities dipped with bonds & stocks on weak US Treasuries sale. Despite the Red Sea ship attack and Israeli offence on Palestinian Rafah, oil rose in 2024 due to geopolitical tensions & OPEC+ cuts.

OPEC+ is likely to extend cuts amid the recent price drop, China’s demands dip, and healthy America’s supply.

Caution prevails pre-summer peak in consumption. Market awaits US stockpiles data for demand insight. Brent’s timespread nears bearish contango, signalling abundant supply vs. demand.