(Bloomberg) — Oil steadied after a weekly loss, with the focus on an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season.
Most Read from Bloomberg
Brent futures held above $82 a barrel after dropping 2.2% last week and touching the lowest since early February, while West Texas Intermediate was near $78. The Organization of the Petroleum Exporting Countries and its allies will hold its policy meeting online, and is widely expected to prolong production cuts into the second half of 2024.
Markets are closed on Monday for holidays in the UK and the US, where the Memorial Day weekend kicks off the summer driving season. The number of travelers expected to fly during the weekend may be the highest in nearly 20 years, according to the American Automobile Association.
Brent is still up about 7% this year, supported by persistent geopolitical risks and OPEC+’s 2 million barrels a day of production cuts. Still, futures have fallen since mid-April as nervousness that the conflict in the Middle East would spread eased.
To get Bloomberg’s Energy Daily newsletter into your inbox, click here.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
From: Yahoo.com
Financial News
