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Crude oil heads for third straight weekly loss as supply and demand weigh on market - TL;DR CNBC

Crude oil heads for third straight weekly loss as supply and demand weigh on market

Publishing timestamp: 2024-06-07 09:10:10


Summary

Oil prices rebounded after sell-off but still down for the week due to OPEC+ production increases, soft manufacturing data, and disappointing private payrolls. Analysts believe the sell-off was an overreaction and that oil demand growth remains relatively healthy. OPEC+ may pause production increases if market deteriorates.


Sentiment: MIXED

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

Keywords: jpmorgan drnice brent crude (apr'23)investment strategybreaking news: marketsnatural gas (mar'23)oil and gasunited stateswti crude (mar'23)business newsmarkets

Source: https://www.cnbc.com/2024/06/07/crude-oil-prices-today.html


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