Asian Stocks Rise and Oil Prices Slip After Treasury Yields Ease
- Oil prices fell on Thursday and Friday as OPEC+ discussed a possible production increase for July amid rising U.S. crude inventories.
- The price decline came after the Energy Information Administration reported an unexpected increase in crude stocks, which grew by 1.3 million barrels to reach 443.2 million in the week ending May 16, despite expectations of a reduction.
- OPEC+ is considering raising output by 411,000 barrels per day at their June 1 meeting, raising concerns that supply might exceed demand growth and pressure prices downward.
- Harry Tchiliguirian of Onyx Capital noted that market behavior reflects indications that OPEC is shifting away from prioritizing price support and instead focusing on increasing its share of the market.
- Market analysts anticipate that the rise in output will especially put downward pressure on U.S. West Texas Intermediate prices and may lead to an increase in U.S. shipments heading to both European and Asian markets.
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Oil falls on stronger US dollar, possibility of higher OPEC+ output
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2 per cent
·Singapore
Read Full ArticleOPEC+ Discusses Making Another Super-Sized Output Hike in July
OPEC+ members are discussing whether to agree on another super-sized production increase at their meeting on June 1, potentially making it the third consecutive month in which the group would add extra barrels to the market.
·United States
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Total News Sources36
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
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- 43% of the sources are Center
43% Center
L 29%
C 43%
R 29%
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