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Oil Markets Churn as Summer Travel Season Approaches

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Oil markets are churned up as the global refining and trading industry prepares to supply what is expected to be a summer travel boom. Russia's statement that it is unlikely to agree to further Opec-plus cuts when the group meets next month undid Saudi Arabia’s efforts to talk up oil prices. Riyadh issued a warning to speculators it claims are to blame for lower prices. They are back down to levels seen in April when Opec-plus announced a surprise output cut. International benchmark Brent ended the week 40¢ per barrel higher at $76.26/bbl, while US domestic price-pin West Texas Intermediate finished 3¢/bbl lower at $71.83/bbl.

Jet Fuel, Crude Oil, Oil Spot Markets
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