Oil Consolidates; Larger-Than-Expected Fall in U.S. Inventories May Weigh
0007 GMT — Oil consolidates in early Asian trade. However, data released overnight by the EIA showed commercial crude oil stocks excluding Strategic Petroleum Reserve dropped by 2 million barrels in the week ended May 2. An analyst survey by The Wall Street Journal had predicted a 1.3 million barrel decline in crude stockpiles. Crude oil prices have been volatile as traders are still worried over OPEC+'s production policy, Pepperstone's Quasar Elizundia says in an email. OPEC+ is set to quicken production increases, heightening oversupply risks, the research strategist adds. Front-month WTI crude oil futures are 0.1% higher at $58.13/bbl; front-month Brent crude oil futures are steady at $61.13/bbl. (ronnie.harui@wsj.com)
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