The oil market is still falling to the third session in a row this morning, goods experts Ewa Manthey and Warren Patterson.
Prices will witness their record monthly loss
“WTI trads below 60 USD/BBL, while ICE Brent has fallen by about 15%this month, and prices are witnessing their record monthly loss. Tariff risk and expectations about OPEC+ relaxing production curbs still exert pressure on oil prices. Meanwhile, a report with bears from AMERICAN PETROLEUM Institute (API).
“The numbers at night from the API show that in American oil reserves they increased by 3.8 MW of the last week, unlike drawing a barrel by 0.8 m, which the market expected. Cushing oil oil increased by 674,000 products, API estimates that gas operations decreased by 3.1 million barrel by 2.5 million barrels. “
“Despite the recent weakness on the oil market, the demand for oil in the Middle East seems stable, and the market expects that Saudi Arabia will enhance the official sales price by about 0.3 USD/BBL for Asian buyers in June deliveries. Earlier Saudi Arabia has reduced the official sale price for its Arabian rating to Asia for Manda for Manda for Manda. 2.30 USD/BBL – the largest reduction in dollars from 2022. “
