Oil futures rise Friday, but remain on track for weekly losses, as traders look ahead to a weekend meeting of OPEC+ ministers.
Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.
Price action Market drivers WTI and Brent both remain on track for weekly losses of nearly 2% after suffering steep May declines that were attributed to worries about the global economic outlook and worries over a potential U.S. government default. Those default worries were put to bed Thursday after the Senate passed legislation to lift the debt ceiling, sending it to President Joe Biden’s desk for signature.
“In reality, there are many more reasons for the group to work together than break apart and members will likely remain steadfast in defending their relationship. However, the damage to the market has been done as the negative feedback loop of weaker macro data and OPEC+ risk emboldened sellers,” said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed comments.
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