US EditionAsian Stocks Rise and Oil Prices Slip After Treasury Yields Ease
- Asian stocks rose on May 24 as oil prices slipped due to easing U.S. Treasury yields and concerns over global oil supply.
- The decline in oil prices followed unexpected builds of 1.3 million barrels in U.S. Crude inventories and OPEC+ discussions about raising output in July.
- OPEC+ members considered increasing production by 411,000 barrels per day, primarily led by Saudi Arabia, amid fears supply could outpace demand growth.
- Harry Tchiliguirian noted that market movements suggest OPEC is shifting away from a price-support strategy and instead focusing on increasing its market share.
- This development could continue to push oil prices lower, potentially leading to increased shipments of U.S. Crude to markets in Europe and Asia, while uncertainty persists around the results of the OPEC+ meeting.
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Oil falls on stronger US dollar, possibility of higher OPEC+ output
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2 per cent
·Singapore
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OPEC+ Discusses Making Another Super-Sized Output Hike in July
OPEC+ members are discussing whether to agree on another super-sized production increase at their meeting on June 1, potentially making it the third consecutive month in which the group would add extra barrels to the market.
·United States
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Total News Sources36
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 29%
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