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Mixed Messages From OPEC+ Keep Markets On Edge

On Thursday, US benchmark July crude oil futures prices declined after Russian Deputy Prime Minister Alexander Novak suggested that there might not be any additional production cuts by OPEC+ in their upcoming meeting. Novak expressed doubt about the likelihood of further cuts, referring to previous decisions made regarding voluntary reductions in oil production by certain countries.

Contradictory Statements Fuel Uncertainty for OPEC+ Meeting

The recent statements from key OPEC+ producers have been contradictory, creating uncertainty about the outcome of the next meeting. Earlier in the week, oil prices received support when Saudi Arabia's energy minister cautioned investors against betting on lower oil prices, leading some to speculate that OPEC+ might consider implementing more output cuts in their June 4 meeting. However, it now appears that OPEC+ producers themselves are being affected by the decline in oil prices.

Just a week before Prince Abdulaziz's remark, Russian President Vladimir Putin stressed the necessity of oil production cuts to maintain a certain price level.

Oil Price Losses Limited Amid Optimism Over Potential US Spending Deal

Despite the initial drop, oil price losses were limited later in the trading session due to optimism surrounding a potential deal between US President Joe Biden and top congressional Republican Kevin McCarthy. The deal aims to reduce spending and raise the government's debt ceiling, which currently stands…

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EXXON Mobil -0.35
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