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West Texas Intermediate’s June-July cash roll, which reflects crude supply balances at Cushing, Okla., dropped to a discount of 30 U.S. cents a barrel, indicating lower demand for barrels being delivered in June than in July. Stockpiles at the delivery point for benchmark U.S. crude futures rose 1.05 million barrels in the week ending May 26, according to traders, who cited data from Wood Mackenzie.
Crude prices have dropped about 13 per cent this year amid China’s lacklustre recovery from its COVID Zero policy and concerns about aggressive monetary tightening in the U.S.Article content All eyes will be on the OPEC+ coalition’s next meeting on June 4. Last week, Russia said OPEC+ is unlikely to take any further measures at its meeting, undercutting Saudi Arabia’s warning to oil short sellers to