U.S. oil prices firmed above $93 a barrel on Friday, but pressure remains evident amid signs of waning demand for crude from the world`s largest consumer. U.S. government reports showed that U.S. crude oil inventories unexpectedly increased last week.
As of 02:56 EST Friday May 31, WTI crude for July 13 delivery dropped 0.19 percent to $93.42 a barrel. The contract was a few points away from closing above $94 a barrel on Thursday. Brent crude was down 0.32 percent at $101.87 a barrel.
On Thursday, the U.S. Energy Information Administration (EIA) reported that U.S. stockpiles gained 3 million barrels in the week ending May 24. That was way above expectations of 500 thousand-barrel drop, according to analysts` median estimate.
The U.S. is the world`s largest oil consumer and higher stockpiles. As indicated by the American Petroleum Institute (API) two days ago, demand for U.S. oil is turning out to be softer than previously anticipated.
According to government data, U.S. stockpiles are now at their highest level since 1931. Meanwhile, oil markets were closely anticipating the Organization of Economic Cooperation and Development (OPEC) first meeting of the year on Friday.
Oil ministers of the OPEC are expected to deliver the production quota, most likely unchanged at 30 million barrels per day, while Brent is trading around $100 a barrel, according to officials from some of the group`s members in Vienna.
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Oil Under Pressure, But Holds Ground Before OPEC Meeting
Published 05/31/2013, 06:06 AM
Updated 07/09/2023, 06:31 AM
Oil Under Pressure, But Holds Ground Before OPEC Meeting
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