Oil extended losses for the third straight session on demand worries

International benchmarks for crude oil ended the trading session on Friday, 31 May 2024 with additional losses as traders awaited the outcome from the OPEC+ meeting set for Sunday. Concerns over the demand outlook have dragged the oil market over the past several sessions.

The latest data from the Energy Information Administration (EIA) showed that crude production in the US rose to 2024 highs in March while the demand for fuel products fell 0.4%. 

Brent for July delivery fell 24 cents to settle at $81.62/barrel.

WTI dropped 77 cents to close at $81.11/barrel.