From Investing.com: 2024-05-28 04:20:59

Global oil prices held steady on Tuesday ahead of the upcoming OPEC+ meeting, with hopes of strong U.S. summer fuel demand balancing concerns about elevated U.S. interest rates. On Monday, oil prices rose over 1% due to expectations of increased fuel demand during the summer driving season. The July contract for Brent crude rose 0.2% to $83.27 a barrel, while U.S. WTI crude increased by 1.4% to $78.79. Despite worries about high interest rates affecting oil demand, real-time mobility data suggests healthy demand growth. U.S. air travel numbers for May exceeded 2019 levels, signaling a positive trend for the industry. The upcoming OPEC+ meeting is expected to maintain voluntary production cuts, further supporting oil prices. Analysts anticipate prices to continue rising in the coming days, buoyed by ongoing output cuts and the start of the U.S. driving season.



Read more at Investing.com: Oil steadies as OPEC+ restraint balances interest rate concerns By Reuters