Oil edged lower in the early Asian session amid mixed signals.
Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires.
Oil rose in the early Asian session amid ongoing geopolitical tensions.
OPEC+ sticks to a 411,000 bpd July hike, fueling a modest oil price rebound amid tight supply. ETFs like USO and BNO are likely to gain.
Oil rose in the early Asian session amid geopolitical tensions.
The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.
Oil demand concerns and a stronger dollar weigh on crude futures as traders await the June 2 OPEC+ decision. WTI closes lower for a second straight week.
OPEC+ meets on Saturday to discuss an increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters.
A decision by major oil producers this weekend could pull prices for crude down to their lowest levels since 2021, with demand tough to gauge against a trade-war backdrop and some countries failing to comply with output quotas.
A cadre of Greek shipping magnates has stepped back into the fold as the go-to distributors of Moscow's crude to the world.
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike.
Oil prices were mixed in the early Asian session, but may be weighed by a larger-than-expected decline in U.S. crude inventories.