Crude Oil extends gains, WTI breaks $80 as markets look to OPEC+

Crude Oil markets extend rebound, WTI gains over 5% from bottom. Barrel traders look to

+ to keep production down. US Crude Oil supplies continue to fluster energy markets. West Texas Intermediate US Crude Oil rose on Tuesday as energy markets look to production cuts from the Organization of the Petroleum Exporting Countries , and its extended network of non-member partner countries +, to maintain production cuts in order to try and tamp down global Crude Oil production in the face of disappointing demand.

begins an online-only meeting on Sunday, June 2, where the Crude Oil alliance is broadly expected to maintain voluntary production caps of 2.2 million bpd that have been in place since the third quarter of 2023. Global Crude Oil demand failed to rebound through 2024 to a degree that energy markets had anticipated, and global production risks running far ahead of how much Crude Oil that global economies can absorb.

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Crude Oil recovers on Monday, but stuck in familiar territory as WTI grapples with $79West Texas Intermediate (WTI) US Crude Oil recovered ground on Monday as energy traders stepped back into barrel bets on continued geopolitical tensions in the Middle East, but steadily-rising US Crude Oil supplies are crimping upside potential in Crude Oil markets.
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