Weaker Than Expected Demand Keeps Oil Prices Down – 28 May, 2020

Weaker than expected oil demands kept prices low as U.S. inventories rose. Brent crude shed 25 cents to 0.7% to $35.04 per barrel. U.S. West Texas Intermediate crude fell 53 cents or 1.6% to $33.18 per barrel. Data from the Energy Information Administration showed a sharp rise in U.S. crude oil last week, though demand remains low despite some states easing lockdown restrictions and prepare to open. Traders will most likely be focusing their attention to next moves by OPEC+ countries who agreed to cut production by 9.7 million barrels per day for May and June, as they reconsider extending cuts should Russia agree.