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Energy Preview: WTI crude oil extends decline near 2-week low
23-May-2025 09:19

WTI crude oil extends decline to around two-week low under $61 per barrel mark amid concerns that global supply could outpace demand growth. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) planned to boost oil output to regain market share, which might cap the upside for the WTI price. OPEC+ has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day. Meanwhile, US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending May 16 climbed by 1.328 million barrels, compared to a rise of 3.454 million barrels in the previous week, reflecting waning demand condition. Currently, the counter quotes lower by0.67% at $60.79 per barrel.

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