Oil Has Hard Time Bouncing Back This Week – 23 May, 2019

After their steepest drop since the start of the year, oil prices managed to gain back over 1% of losses on OPEC cuts as well as ongoing Middle Eastern tensions. Oil prices had fallen in the beginning of the week on global economic slowdown concerns and a growing supply. International Brent crude futures were up 74 cents and 1.1% from their last close to $68.50. U.S. West Texas Intermediate crude futures also jumped 1.1% and 63 cents to $58.54 per barrel. Increasing U.S. oil supplies are weighing on prices, despite OPEC’s efforts to cut global supplies to prop up prices. Firmer prices failed at aiding the slump from earlier this week, putting crude on track for their steepest weekly losses since the start of the year.