WTI Crude Oil Futures and Supply Worries

WTI crude Oil futures stayed above $79 per barrel on Tuesday after rising more than 1% the day before. This recent gain is due to concerns over possible supply disruptions in Canada. Wildfires in Canada have raised fears that the country’s production capacity of 3.3 million barrels per day could be affected.

WTI Crude Oil Futures and Supply Worries

WTI Crude Oil Futures and Supply Worries

Bloomberg – In the Middle East, Iraq’s oil minister, Hayyan Abdul Ghani, announced over the weekend that Iraq would follow OPEC+’s policy on production cuts at the upcoming meeting on June 1.

This is a change from a previous statement in which Iraq indicated it would not agree to new output cuts. Iraq’s compliance adds another layer of uncertainty to the global oil supply.

Looking Ahead: Market Reports

Investors eagerly await this week’s monthly market reports from OPEC+ and the International Energy Agency (IEA). These reports are expected to provide fresh insights into the supply and demand factors affecting the oil markets.

Understanding these factors is crucial for traders and investors to make informed decisions.