Oil Holds Biggest Loss in Two Weeks With Focus on OPEC+ Supply
Oil held the biggest loss in two weeks as investors weighed the
prospect of more supply from OPEC+ and the fallout from trade tensions between the US and China.
West Texas Intermediate futures traded near $62 a barrel after tumbling 3.2% on Wednesday, while Brent closed above $66. Several members of the producer group will seek another bumper supply increase in June as a dispute over compliance to quotas worsens, according to a report from Reuters.
Oil is on track for a heavy loss this month on concerns that US tariffs and counter-levies from its biggest trading partners will hit economic activity and impact energy demand. While there are signs of easing tensions between Washington and Beijing, Treasury Secretary Scott Bessent said that President Donald Trump hasn’t offered to take down duties on a unilateral basis.
US crude stockpiles, meanwhile, expanded by 244,000 barrels last week, according to government data. That compares with an industry report that indicated inventories had shrunk the most this year.
WTI for June delivery was steady at $62.24 a barrel at 7:31 a.m. in Singapore.
Brent for June settlement closed 2% lower at $66.12 a barrel on Wednesday.
Source: Bloomberg
