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Oil rose 1% in a quiet market as tension in the Middle East flared up; OPEC+ meetingHowever, traders are monitoring closely the fuel demand data in the US after Memorial Day which marks the start of the summer driving season. |
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On Monday, 27 May 2024, global oil benchmarks extended gains from late last week as tension in the Middle East retched up following the clash between Israel and Egyptian troops. This follows a subdued week shaped by concerns over US interest rates amid stubborn inflation.
Trading was quiet due to a holiday in the US and Britain. However, traders are monitoring closely the fuel demand data in the US after Memorial Day which marks the start of the summer driving season.
Meanwhile, OPEC+ is scheduled to meet on 2 June 2024 to outline the production output with expectations that the cartel would extend the 2.2 million bpd cuts.
Brent futures increased by $1 or 1.2%, settling at $83.12/barrel.
WTI was off for the Memorial Day holiday.
