Oil prices started the week in green as the market began to focus on the upcoming OPEC meeting which is expected to result in the extension of current production cuts.
Crude oil prices started this week by moving slightly following after a week when they booked the sharpest drop in a month on interest rate woes. The week is set to be dominated by the start of driving season in the United States and the OPEC policy meeting on Sunday.
holiday trips are expected to hit a post-COVID high, improved fuel efficiency and EVs could see oil demand remain soft,' the analysts said, as quoted by Reuters. “Based on current market expectations that OPEC is likely to extend cuts, oil’s risks are skewed to the upside,” one Chinese market analyst from Qisheng Futures Co. told Bloomberg. That expectation of extended production cuts by OPEC helped prices steady and may continue supporting them throughout the week—but not necessarily.
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