05/28/2024

Oil Steadies as OPEC+ Restraint Balances Interest Rate Concerns

OPEC+ will meet on June 2 to set output policy

Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern about higher-for-longer U.S. interest rates.

On Monday, oil prices rose more than 1 percent in muted trade owing to public holidays in Britain and the United States, with hopes of a demand boost from the start of the U.S. summer driving and vacation season providing support.

The July contract for Brent crude, the global benchmark, rose 38 cents, or 0.5 percent, to $83.48 a barrel by 1327 GMT. U.S. West Texas Intermediate (WTI) crude was at $79.15, up $1.43, or 1.8 percent, from Friday's close, having traded through a U.S. holiday to mark Memorial Day without a settlement.

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