WTI price lost ground ahead of the US PCE on Friday.
is expected to maintain supply cuts of 2.2 million barrels per day on June 2. EIA Crude Oil Stocks Change declined by 4.156 million barrels in the previous week, against the expected 1.900 million-barrel draw. West Texas Intermediate crude Oil continues its losing streak for the third consecutive day, trading around $77.50 per barrel during the Asian session on Friday.
will begin a series of online meetings at 1100 GMT on Sunday. According to Reuters, three sources familiar with discussions indicated on Thursday that the group is working on a complex deal to be agreed upon at its meeting on Sunday. This deal will potentially allow to extend some of its deep Oil production cuts into 2025. The hawkish remarks from Federal Reserve officials have raised concerns about potential rate hikes. Higher interest rates are negatively impacting the US economic outlook, which dampens the demand of the crude Oil. The US Energy Information Administration released its Oil stockpiles report, indicating that US crude inventories declined by 4.156 million barrels in the week ending on May 24.