Crude oil prices have dropped amid anxiety surrounding the upcoming Organization of the Petroleum Exporting Countries (OPEC) meeting this weekend.
Brent crude futures fell by $1.74, or 2.1 percent, settling at $81.86 a barrel. Similarly, U.S. West Texas Intermediate crude futures decreased by $1.32, or 1.7 percent, to $77.91 a barrel.
“The weakness in gasoline markets has continued to drag down the rest of the oil complex,” said Alex Hodes, an oil analyst at brokerage StoneX, according to Reuters on Thursday.
Oil investors remain cautious ahead of the OPEC+ meeting on June 2, 2024. The group of oil-producing countries will decide whether to extend, deepen, or unwind supply cuts.
Soft fuel demand and rising global oil inventories may persuade OPEC+ producers, which include OPEC and its allies, including Russia, to maintain supply cuts when they meet on June 2. OPEC+ delegates and analysts suggest that these factors could influence the decision.
