Oil Prices Stabilize near Lowest Level in 3-month

Oil prices stabilized near their lowest level in more than three months, as signs of weakness appeared in the market ahead of the summer season, during which driving in the United States increases, raising demand for fuel.

Memorial Day weekend is typically seen as the beginning of the peak driving period in the United States, and investors will be monitoring demand prospects over the coming period.

There was no change in Brent crude, remaining near $81 per barrel, while West Texas Intermediate (WTI) settled below $77. Both stocks were on track for weekly losses. 

Crude oil remains higher this year, partly due to OPEC+ production cuts, but futures have fallen since mid-April. The Brent crude spot spread was on the verge of turning into a state of "contango", which indicates a falling price, earlier this week, indicating abundant supply, while money managers trimmed their bets on higher prices.

Latest Oil Prices

WTI CRUDE               76.88   +0.01%

BRENT CRUDE          81.39   +0.04%

MURBAN CRUDE     82.78    +0.13%

NATURAL GAS            2.668   +0.41%

LOUISIANA LIGHT   82.05   -1.33%

BONNY LIGHT          80.81   -1.07%

OPEC BASKET             83.27   -0.37%

MARS US                   76.83   -1.88%

GASOLINE                  2.480   +0.42%

The OPEC+ alliance meets on June 1 and is widely expected to extend current production restrictions until the second half of 2024. The group has maintained oil production cuts of about 2 million barrels per day this year.