Global oil prices fell on Thursday and extended the losses for the second straight session, plumbing a week trough after a report about a potential July production hike by OPEC+, triggering oversupply concerns.
Prices are also pressured by higher US crude stocks for the second straight week, in a negative sign for demand in the world’s largest fuel consumer.
Prices
US crude fell 1.7% today to $60.27 a barrel, the lowest in a week, with a session-high at $61.71.
Brent tumbled 1.65% to $63.57 a barrel, a week low, with a session-high at $64.99.
On Wednesday, US crude fell 1.5%, while Brent shed 1.45%, the first loss in four days on profit-taking.
OPEC+
Bloomberg reported that OPEC+ is considering another large production hike in July.
The report showed that the hike is estimated at 411 thousand bpd, but no final agreement was reached yet.
OPEC is working on reducing its previous production cuts and adding large amounts of supplies to the market in May and June, with Reuters reporting that total production hikes until November could reach 2.2 million bpd.
US stock
Official data from the Energy Information Administration showed US crude stocks rose 2.5 million barrels in the week ending May 16, the second weekly rise in a row, while analysts expected a drop of 1.9 million barrels.
According to the data, total stocks rose to 448.6 million barrels, the highest since July 2024 in a negative sign for US demand.
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