Oil Up Over Expected OPEC+ Production Cut Extension….LIVE NEWS UPDATE BY ROYAL TRADERS

LATEST UPDATE !!!!

Oil was up on Wednesday morning in Asia, holding onto its gains from the previous session as well as hitting a three-month high, after the American Petroleum Institute (API) predicted a surprise draw in the crude oil supply on Tuesday.

Although small, API’s prediction of a 500,000 barrel- draw for the week ended May 29 gave the black liquid a boost after the previous week’s estimate of an 8.7-million-barrel build.

Brent oil futures rose 1.56% to $40.25 by 9:49 PM ET (2:49 AM GMT) and WTI futures jumped 2.42% to $37.70.

Brent oil futures climbed 3.87% and WTI futures gained 2.7% during the previous session.

Investors will also see whether OPEC+’s meeting, expected to take place on Thursday, will extend the current production cuts that will end this month.


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