Saturday, 03 June 2023 05:51 GMT

Oil Prices Slip As Markets Assess OPEC+ Policy Prospects

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 26. World oil prices on Friday morning are decreasing just like on the previous day according to the auction data, trend reports.

Markets assess the prospects for OPEC+ policy following statements from Russia.

The price of July futures for Brent crude oil decreased by 0.31 percent, to $76.02 per barrel, and July futures for WTI (West Texas Intermediate) - by 0.11 percent, to $71.75. A day earlier, quotes lowered by 2.7 percent and 3.4 percent respectively after growth in the previous three trading sessions.

On May 25, Russian Deputy Prime Minister Alexander Novak stated that no new steps will be taken at the in-person OPEC+ meeting on June 4. He explained this by the fact that just a month ago, some countries decided to voluntarily cut oil production due to the slow pace of global economic recovery.

"Oil lost recent gains amid OPEC's reluctance to cut production further. We see things softening a bit further from here as cautious sentiment permeates the markets," Bloomberg cited managing director for brokerage Vanir Global Markets Pte James Whistler.


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