🧵 1. Oil prices drop over 1% today due to rising inventories, signaling softer market conditions. Analysts anticipate possible price firming in the upcoming summer driving season. #business
🧵 1. Oil prices drop over 1% today due to rising inventories, signaling softer market conditions. Analysts anticipate possible price firming in the upcoming summer driving season. #business
🧵 2. U.S. oil inventory data release expected today after surging stockpiles in late April. Prices down 8% from April highs when tensions drove fears.
🧵 3. Morgan Stanley trims $4 risk per barrel from year-end oil price forecast. Summer demand outlook remains strong. OPEC+ likely to extend production cuts into year-end.
🧵 4. OPEC+ to meet on June 1 for policy discussions. No talks of oil output increase within OPEC+. CIA Director William Burns visiting Israel for Gaza cease-fire negotiations in Cairo.
🧵 5. Market outlook for oil shows softer indicators currently, but potential seasonal strength ahead. Investors eye OPEC+ meeting and summer driving season dynamics.
🧵 Read more at: https://www.cnbc.com/2024/05/08/oil-prices-fall-more-than-1percent-as-market-softens-on-rising-inventories.html