Global oil markets weaken due to sluggish demand and ample supply, leading to potential weakness for benchmark crude futures.
Global oil markets weaken due to sluggish demand and ample supply, leading to potential weakness for benchmark crude futures. High interest rates, inflation, and geopolitical challenges decrease consumer and industrial demand, especially in Europe, as non-OPEC supply rises, potentially supporting OPEC+ maintaining production curbs during the June 1 meeting. Refinery demand remains soft despite increased capacity.
May 20, 2024
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