Oil prices hover near four-month lows on OPEC+ supply increase later this year
Publishing timestamp: 2024-06-05 11:55:28
Summary
Oil futures drop near four-month lows after OPEC+ members announce plans to increase production in October. Prices down nearly 5% this week. U.S. crude inventories rise, causing prices to turn negative. Analysts believe market is oversold and could bounce back in coming days. OPEC+ plan to increase oil supply not binding, Saudi Arabia may adjust production if market is oversupplied. Goldman sees decision as 'bearish surprise' for market.
Sentiment: NEUTRAL
Tickers: @LCO.1, @CL.1, @NG.1, %40RB.1?QSEARCHTERM=%40RB,
Keywords: natural gas (mar'23), ice brent crude (apr'23), oil and gas, business news, breaking news: markets, markets, investment strategy, wti crude (mar'23),
Source: https://www.cnbc.com/2024/06/05/crude-oil-prices.html