iPath Pure Beta Crude Oil ETN

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OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.

OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say

OPEC seems likely to cut production to support the price, but not enough to create significant market tightness.

Another OPEC+ Cut Seems Likely—But Not Very Consequential

The Opec+ group meets in Vienna on Sunday amid speculation that a further cut in oil production could be on the cards to prop up the faltering oil price. The combined grouping of the Organisation of the Petroleum Exporting Countries plus ten other major oil producers, caught traders on the hop back in April with a production cut of around 1.2mln barrels a day that prompted a spike in the price of crude.

Opec+ meets amid speculation of further cut in production

WTI Oil prices rise as the US debt ceiling bill approval and potential rate hike pause ease market concerns, while OPEC+ cuts drive bullish sentiment.

Oil Price Forecast: Edging Higher on Debt Ceiling Bill, OPEC+ Meeting Expectations

Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington's debt ceiling bill.

Oil prices rise as market awaits possible OPEC+ cuts

Oil futures climbed on Thursday, with U.S. prices settling back above $70 a barrel for the first time in almost a week. Prices rebounded from Wednesday's decline “with the outside risk that oil ministers at a meeting on Sunday “could surprise the markets with another production cut, given the recent weakness seen in prices,” said Michael Hewson, chief market analyst at CMC Markets UK.

U.S. oil futures end above $70 a barrel for the first time in nearly a week

Crude oil markets tried to rally early during the trading session on Thursday, but gave back gains very quickly. While they could be setting up for a short-term bounce, this shows just how weak they really are.

Crude Oil Price Forecast – Crude Oil Markets Continue to Look Weak

A meeting by major oil producers on Sunday will lack the element of surprise, two months after an unexpected decision to implement deeper production cuts led to a temporary rally in U.S. prices to their highest level of the year.

For oil traders, OPEC+ meeting won't hold element of surprise

Oil futures fell Thursday, kicking off June with a decline as investors awaited official U.S. inventory data after industry figures showed a large rise in crude stocks.

Oil falls after industry data shows rise in crude inventories

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.

OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say

Surging U.S. crude oil inventories, unexpected gasoline growth dampen sentiment, sparking worries about China's manufacturing and oil demand.

Oil Price Forecast: Bearish Sentiment Persists with Weaker Demand, Surplus Supply

Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks last week, triggering fears of an oversupply amid signs of weaker Chinese demand, too.

Oil falls after large surprise build in US crude stocks

OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to reporters, Bloomberg and an OPEC source on Wednesday.

OPEC has not invited Reuters, Bloomberg to report on weekend policy meets

A slide in crude oil prices has weighed on the Club's three energy holdings.

OPEC+'s mixed messages, recession fears make it too early to buy the dip on our oil stocks

Oil futures fell on Wednesday, with U.S. prices ending at their lowest in more than 10 weeks. The potential fallout from the U.S. debt-ceiling debacle and rising odds of a June interest-rate hike both “weighed on oil as the former influence would be a broader riskoff market event, while the latter would further reduce already waning optimism for a soft economic landing this year,” analysts at Sevens Report Research wrote in Wednesday's newsletter.

U.S. oil futures settle at lowest since March

Oil markets tested multi-week lows as traders reacted to the disappointing China Manufacturing PMI report.

Natural Gas, WTI Oil, Brent Oil – Oil Is Under Pressure As China Data Disappoints

Demand has been falling, along with oil stocks. The Energy Select Sector SPDR ETF dropped 8.6% in the past month.

Oil Prices Sink as Investors Bet Against OPEC Cut

The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented.

Will OPEC+ announce more output cuts? Analysts have their say

U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the coronavirus pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday.

US crude output rises in March to highest since March 2020 - EIA

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on June 4 to discuss their joint output policy.

Factbox: What is OPEC+ and how does it impact oil prices?

OPEC oil output fell in May after Saudi Arabia and other members of the broader OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline.

OPEC oil output falls in May after voluntary cuts - Reuters survey

The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in May and April, according to a Reuters survey published on Wednesday.

OPEC oil output falls 460,000 bpd in May - Reuters survey

The crude oil markets have fallen rather hard early during the trading session on Wednesday, as the market has broken below the $68 level in the WTI grade, and the $72 level in the Brent market.

Crude Oil Price Forecast – Crude Oil Continues to Plunge

OPEC+ meets this weekend with oil prices sagging lower. Meanwhile, energy stocks dropped early Wednesday, with CVX and XOM both slumping.

OPEC+ Meeting: No Crude Production Change Seen Even As Oil Prices Fall

Oil futures slumped early Wednesday after weak economic data out of China underlined worries about demand from one of the world's largest crude importers.

News for iPath Pure Beta Crude Oil ETN Stock (OIL)