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: markets, oil and gas, helima croft, wti crude (mar'23), united states, business news, markets, natural gas (mar'23), investment strategy,
Source: https://www.cnbc.com/2024/05/21/crude-oil-prices-today.html