COMMODITY
Crude oil futures settle lower amid fears of oversupply
May-31-2025

Crude oil futures settled lower on Friday as traders await cues from an upcoming OPEC+ meeting on Saturday, where a further increase in oil production is anticipated. The OPEC+ members are expected to authorize another bumper production increase for July after agreeing 411,000 barrels-per-day hikes at the previous two meetings. Besides, lingering uncertainty surrounding Trump’s trade policies and their implications on global economy continued to weigh on market sentiments. Adding to the uncertainty, U.S. Treasury Secretary Scott Bessent said that the trade talks between the United States and China are a bit stalled.

Benchmark crude oil futures for July declined $0.15 or 0.25% at $60.79 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell $0.25 or 0.39% to settle at $63.90 a barrel on London's Intercontinental Exchange.

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