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Oil prices drift lower but remain stuck in narrow range as market struggles to find catalysts - TL;DR CNBC

Oil prices drift lower but remain stuck in narrow range as market struggles to find catalysts

Publishing timestamp: 2024-05-21 13:42:53


Summary

U.S. crude oil and global benchmark Brent have traded in a narrow range this month after selling off from April highs. Geopolitical risk premium has decreased, leading to a lack of conviction in the market. RBC forecasts prices to remain range-bound for the time being, with U.S. oil averaging $79.50 barrel and Brent $84 barrel for the rest of the year. OPEC+ production cuts have supported oil prices, and the market will focus on how OPEC+ may react to current price action at their upcoming meeting.


Sentiment: NEUTRAL

Tickers: @CL.1@NG.1@LCO.1%40RB.1?QSEARCHTERM=%40RB

Keywords: ice brent crude (apr'23)breaking news: marketsoil and gashelima croftwti crude (mar'23)united statesbusiness newsmarketsnatural gas (mar'23)investment strategy

Source: https://www.cnbc.com/2024/05/21/crude-oil-prices-today.html


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