'supply-heavy' landscape pressures oil prices
'supply-heavy' landscape pressures oil prices"
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Oil declined on Tuesday, with U.S. benchmark prices on track to settle at their lowest in two-and-a-half weeks. Fawad Razaqzada, market analyst at City Index and FOREX.com, attributed the
weakness to a "supply-heavy landscape." The eight members of OPEC+ that had previously implemented voluntary output cuts plan to meet on May 31, a day earlier than originally
scheduled, to decide on production levels for the month of July, according to a report from Reuters. OPEC+ will hold a separate committee meeting ahead of that on May 28 that's expected
to provide a review of oil-market conditions.
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