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| Ahead of the OPEC gathering, crude oil prices have seen a decline |
In anticipation of the Organization of Petroleum Exporting Countries' meeting this weekend, there has been a drop in crude oil prices.
Brent crude futures decreased by $1.74, or 2.1 percent, to close at $81.86 per barrel.
In a similar trend, U.S. West Texas Intermediate crude futures dropped by $1.32, or 1.7 percent, to $77.91 per barrel.
"The gasoline market's weakness has persisted in pulling down the broader oil complex," said Alex Hodes, an oil analyst at StoneX brokerage, as reported by Reuters on Thursday.
Further insights reveal that oil investors remain wary ahead of the OPEC+ meeting scheduled for June 2, 2024. The coalition of oil-producing nations will determine whether to prolong, intensify, or relax their supply restrictions.
The combination of subdued fuel demand and increasing global oil stockpiles might persuade OPEC+ members, which encompasses the Organization of the Petroleum Exporting Countries (OPEC) and partners like Russia, to persist with supply curtailments during their June 2 assembly, according to OPEC+ representatives and market experts.
