Overall outlook rangebound, consolidation mode - week of 28 May-1 Jun 2018
- ICE Brent and NYMEX WTI crude futures have shed more than 5% since the Saudi and Russian energy ministers meeting in St. Petersburg May 25 agreed it was time to raise supply by about 1 million b/d.
- Though the decision is expected to sail through at the OPEC/non-OPEC ministerial meeting in Vienna on June 22, there is a chance that the agreed increase will be smaller, erring on the side of caution. The additional barrels have yet to hit the market and the market may finally pause on the furious sell-off.
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