U.S. crude oil extends losses on OPEC+ increasing supply later this year
Publishing timestamp: 2024-06-04 13:12:45
Summary
U.S. crude oil has erased most gains for the year after OPEC+ announced plans to increase production starting in October. The market reaction is depressing for oil producers but brings joy for consumers. The recent oil sell-off could help ease global inflationary pressure, but worries about economic growth remain.
Sentiment: NEGATIVE
Tickers: %40RB.1?QSEARCHTERM=%40RB, @NG.1, @LCO.1, @CL.1,
Keywords: united states, oil and gas, markets, ice brent crude (apr'23), breaking news: markets, natural gas (mar'23), wti crude (mar'23), investment strategy, business news,
Source: https://www.cnbc.com/2024/06/04/crude-oil-prices-today.html