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Crude oil prices fell more than 1.5% in mid-trading on Thursday, May 22, affected by reports indicating that OPEC+ is discussing increasing production, raising concerns about oversupply. Meanwhile, inventory figures showed a surprise increase, with US crude (NYMEX) falling about 1.59% to trade at $60.59 a barrel, while Brent crude traded at $63.90 a barrel, down about 1.56%.
\nA report issued by Bloomberg just moments ago indicated that, according to delegates from the Organization of the Petroleum Exporting Countries and its non-OPEC allies, led by Russia in the OPEC+ alliance, they are discussing the possibility of increasing production for the third consecutive time by 411,000 barrels in July at their meeting scheduled for June 1, although no final decision has yet been reached. Meanwhile, data released by the US Energy Information Administration on Wednesday showed a rise in US crude oil inventories of 1.3 million barrels in the week ending May 16, compared to expectations of a decline of 800,000 barrels. Gasoline inventories rose by about 800,000 barrels, while distillate inventories, which include heating fuel and diesel, rose by about 600,000 barrels.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Crude oil prices fell more than 1.5% in mid-trading on Thursday, May 22, affected by reports indicating that OPEC+ is discussing increasing production, raising concerns about oversupply. Meanwhile, inventory figures showed a surprise increase, with US crude (NYMEX) falling about 1.59% to trade at $60.59 a barrel, while Brent crude traded at $63.90 a barrel, […]<\/p>\n","protected":false},"author":1,"featured_media":7710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-7709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-markets"],"acf":[],"yoast_head":"\n