Crude oil prices have dropped amid anxiety surrounding the upcoming Organization of the Petroleum Exporting Countries (OPEC) meeting this weekend. Brent crude futures fell by $1.74, or 2.1%, to settle at $81.86 a barrel.
Similarly, U.S. West Texas Intermediate (WTI) crude futures declined by $1.32, or 1.7%, to $77.91 a barrel.
“The weakness in gasoline markets continues to drag down the rest of the oil complex,” said Alex Hodes, oil analyst at brokerage StoneX.
Oil Prices Stable as Investors Await US Inflation Data, OPEC Report
Oil Prices Slip Amid Concerns over Weak U.S. Jobs Data, Fed Rate Cut Timing
According to Reuters reports on Thursday, further analysis shows that oil investors are cautious ahead of the OPEC+ meeting on June 2, 2024. The group of oil-producing countries will decide whether to extend, deepen, or unwind supply cuts.
Soft fuel demand and rising global oil inventories may persuade OPEC+ producers, which include OPEC and allies such as Russia, to maintain supply cuts when they meet on June 2, according to OPEC+ delegates and analysts.
