Crude oil prices have dropped amid anxiety surrounding the Organization of Petroleum Countries meeting at the weekend.
Brent crude futures fell by $1.74, or 2.1 percent to settle at $81.86 a barrel.
Similarly, U.S. West Texas Intermediate crude futures fell by $1.32, or 1.7 percent, to $77.91 a barrel.
“The Weakness in gasoline markets have continued to drag down the rest of the oil complex,” Alex Hodes, oil analyst at brokerage StoneX on Thursday according to Reuters.
A further analysis showed that Oil investors are also cautious ahead of an OPEC+ meeting on June 2, 2024. Accordingly, the oil producers’ countries group will decide whether to extend, deepen or unwind supply cuts.
Soft fuel demand and rising global oil inventories may help convince OPEC+ producers, which include the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, to maintain supply cuts when they meet on June 2, OPEC+ delegates and analysts say.
