Crude oil prices drop ahead of OPEC meeting

Crude oil prices have dropped amid anxiety surrounding the Organization of Petroleum Countries meeting at the weekend.

Brent crude futures fell by $1.74, or 2.1 percent to settle at $81.86 a barrel.

Similarly, U.S. West Texas Intermediate crude futures fell by $1.32, or 1.7 percent, to $77.91 a barrel.

“The Weakness in gasoline markets have continued to drag down the rest of the oil complex,” Alex Hodes, oil analyst at brokerage StoneX on Thursday according to Reuters.

A further analysis showed that Oil investors are also cautious ahead of an OPEC+ meeting on June 2, 2024. Accordingly, the oil producers’ countries group will decide whether to extend, deepen or unwind supply cuts.

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Soft fuel demand and rising global oil inventories may help convince OPEC+ producers, which include the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, to maintain supply cuts when they meet on June 2, OPEC+ delegates and analysts say.

Crude oil prices drop ahead of OPEC meeting

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