Zhitong Finance and Economics noted that due to signs of weak demand, oil prices will show the largest weekly decline since February, which intensifies the market's speculation that OPEC+will extend production cuts to support prices.
West Texas Intermediate Crude Oil closed near $79 per barrel on Thursday, with a weekly decline of more than 5%, while Brent Crude Oil closed below $84 per barrel. Nearly 90% of the traders and analysts surveyed predicted that OPEC and its allies would extend the production reduction measures at the meeting on June 1.
As the impact of Iran's unprecedented attack on Israel is still limited, the oil price fell by about 10% from the five month high in mid April. This week, the US crude oil inventory unexpectedly soared, increasing the market's concern about the demand of the largest importer and the weakness of refined oil markets such as diesel and gasoline.
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