Crude oil prices fell in the second half of May xxxx after rising due to the assumption that OPEC+ nations will raise their output quotas. The downturn in oil prices was further reinforced by the unanticipated increase in US crude oil inventories and the decline in Chinese demand.
Key Takeaways:
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OPEC+ countries are expected to expand their Crude Oil production.
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The pressure on supplies may be further reduced if Iranian oil returns.
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Oil price decline was further reinforced by the increase in crude oil inventories.
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Weak economy of China supported low demand for crude oil.
According to ChemAnalyst, oil prices are also predicted to decline in June xxxx as OPEC members and its allies reiterated their commitment to the current plan of progressively raising oil output, which might help ease the supply strain. Furthermore, the likelihood of more Russian crude oil...
