OPEC+ is largely expected to accelerate oil output hikes for a second consecutive month in June, but the effect on prices will likely depend on the scale of the hike and the group's messaging around it, according to BMI. A larger-than-previously-planned supply increase might seem odd in the context of the global trade tensions. However, "it is arguable that, given recent price action, much of the downside is being priced in ahead of time," analysts at the Fitch Solutions unit say. Plus, seasonal demand in the next few months should support market fundamentals before trade tariffs start hurting economic growth and oil consumption, according to BMI. Brent crude and WTI are currently flat at $62.15 and $59.25 a barrel, respectively.
WDS Price at posting:
$20.61 Sentiment: Buy Disclosure: Held
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