Commodities
Oil Lingers Near Three-Month Lows on Ample Near-Term Supplies
- OPEC+ opts to hold June meeting online rather than in Vienna
- US Memorial Day weekend to kick off peak summer driving period
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Oil hovered near the lowest in three months as traders weighed decreased geopolitical risks and signs that global markets are sufficiently supplied ahead of next month’s OPEC+ meeting.
Global benchmark Brent crude’s prompt spread is at 26 cents, closely approaching a bearish contango structure that signals ample supplies in the near future. While both Brent and West Texas Intermediate futures settled higher Friday, they posted weekly declines of more than 2% and are near their lowest prices since February.