West Texas Intermediate (WTI) crude oil has been declining for the
third straight day, with prices around $77.50 per barrel during Friday's Asian
trading session.
Traders are likely anticipating the upcoming meeting of the
Organization of the Petroleum Exporting Countries and its allies, including
Russia (OPEC+), set for June 2. OPEC+ will begin a series of online meetings at
1100 GMT on Sunday.
According to financial market forecasts, OPEC+ talks on Thursday
indicated that the organization is working on a complex deal to be agreed at
Sunday's meeting. The deal would potentially allow OPEC+ to extend some of its
production cuts beyond 2025.
Dr. Kamaran Qader Yaqub,
Financial Consultant at
Investment Spot company.
