Crude Oil falls back despite supply declines ahead of anticipated OPEC+ meeting

WTI slumps back below $78.00 per barrel as Crude Oil markets recede. A sharp decline in US Crude Oil supplies couldn’t prop up barrel bids. Investor concerns are growing that a reported extention in OPEC cuts will be enough. West Texas Intermediate US Crude Oil backslid on Thursday, with energy markets shrugging off a sharp downturn in reported US Crude Oil stocks.

kicks off its online-only meeting on Sunday, June 2. The American Petroleum Institute and Energy Information Administration both reported sharp declines in US Crude Oil stocks this week, but energy traders are balking at a huge runup in refined products as refinery runs steeply outproduce demand. The API reported a -6.49 million barrel decline in US Weekly Crude Oil Stocks for the week ended May 24, while the EIA noted a -4.

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Crude Oil extends gains, WTI breaks $80 as markets look to OPEC+West Texas Intermediate (WTI) US Crude Oil rose on Tuesday as energy markets look to production cuts from the Organization of the Petroleum Exporting Countries (OPEC), and its extended network of non-member partner countries OPEC+, to maintain production cuts in order to try and tamp down global Crude Oil production in the face of disappointing...
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