Brent crude futures. 64.78 settled up to a barrel, 34 cents or 0.54%. US West Texas Intermediate Crude Futures .5 expires up to 61.53, 33 cents or 0.54%. “I think some short cover is coming up this weekend,” said Phil Flyen, a senior analyst at the Price Futures Group.
Memorial Day Weekend US Starts the summer driving season, the highest demand period of motor fuel.
The US and Iranian negotiators met in Rome on Friday to reduce the Islamic Republic’s nuclear program. The crude supply could be disrupted if the negotiation fails to reach the deal, the flyan said.
“Negotiations don’t look good,” he said. “If this is the last negotiation and there is no deal, it can give Israeli a lilies to attack Iran.”
President Donald Trump said on Friday that he was recommending a 50% tariff directly on the goods from the EU starting June 1, saying that it is difficult to deal with the Block OC trade.
“There is pressure on two things in the oil market,” said Andrew Lipo, president of the Lip Oil Associates. “We look forward to the impact of the tariff on the demand for oil and OPEC+ is expected to raise the supply this summer.”
Meetings will be held in the week, including OPEC+, petroleum exporting countries and allies led by Russia, which will increase the output of 411,000 barrels (BPD) per day for July.
Reuters have reported this month that the group could be cut off by the remaining 2.2 million BPD voluntary production by the end of October, raising output targets by about 1 million BPD for April, May and June.
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