In the early morning of the 25th Beijing timedonkeykongarcademachine, U.S. WTI crude oil futures prices closed up 1.1 percent on Fridaydonkeykongarcademachine.1%。The day before, the futures price hit a three-month low. The market is concerned about the upcoming OPEC+ meeting.
West Texas Intermediate crude oil (WTI) futures for July delivery closed up 0.0% on the New York Mercantile Exchangedonkeykongarcademachine.85 dollarsdonkeykongarcademachine, up 1.11%, closing at $77.72 a barrel.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) will hold a virtual meeting on June 2 to review crude oil production policies. OPEC+ is currently voluntarily reducing daily crude oil production by a total of 2.2 million barrels to support oil prices.
Analysts said the market is widely expected to exceed the current production cap next week's OPEC+ meeting, especially now that oil prices are in a relentless downward trend, but this may not be enough to clearly boost market sentiment because the crude oil market is still oversupplied, with an additional supply buffer of nearly 6 million barrels a day.