Oil prices stabilize, Wall Street expects OPEC+ to extend cuts [Yahoo! Finance Canada]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance Canada
Reporter Ines Ferré joins Catalysts to discuss oil price trends seen in May so far as Wall Street anticipates OPEC+ to extend its production cuts. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Luke Carberry Mogan Video Transcript Our oil prices edging higher as a bigger draw down in inventories in the US and Chinese import data help support crude in today's trade.Yahoo finances in S a has more on that story for us and, yeah, Shana, those higher import data that coming out of China signalling demand growth.And that's partly why you are seeing oil prices higher.We also have been seeing falling inventories here in the US, so that data yesterday sent oil higher.But taking look at WT I.It's just below $80 a barrel and Brent just above $84 a barrel.If I pull out a chart a two month chart, you can see that since the peak in April on April 5th, you saw oil coming down about 8%.That's a pretty big drop
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