News Formal

Oil prices drift lower but remain stuck in narrow range as market struggles to find catalysts

  • 📰 CNBC
  • ⏱ Reading Time:
  • 32 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 47%
  • Publisher: 72%

Markets News

Breaking News: Markets,Oil And Gas,Investment Strategy

U.S. crude oil and global benchmark Brent have traded in a $3 range this month since selling off from April highs.

Crude oil futures fell more than 1% on Tuesday in the absence of major market catalysts to support prices.

U.S. crude oil and global benchmark Brent have traded in a $3 range this month since selling off from April highs after traders rolled back geopolitical risk premium as fears of a wider Middle East war eased. Investors are now focusing more on fundamentals but the lack of near-term catalysts will likely keep prices rangebound for the time being, Helima Croft, head of commodity strategy at RBC Capital Markets, told clients in a Tuesday note.Production cuts by a coalition of OPEC+ members have provided a floor for oil prices after last month's selloff. The cartel will meet next weekend to review its production policy.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Arabia's non-oil business activity growth steady in April-PMISaudi Arabia's non-oil business activity growth steady in April-PMI
Source: Investingcom - 🏆 450. / 53 Read more »