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Oil Prices Take a Breather Ahead of OPEC+ Boost ...Middle East
Crude oil prices stabilized today as traders anticipate yet another 411,000-bpd boost in OPEC+ supply to be announced at the end of this week when the group meets, with downward pressure coming from the latest weekly U.S. inventory report. The American Petroleum Institute estimated a build of 680,000 barrels for the last full week of June, breaking a five-week string of draws totaling over 22 million barrels. The unexpected build pressured oil prices despite the cumulative build from the previous month. At the time of writing, Brent crude was trading…
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