Crude oil prices have retraced 50% of their pre-OPEC-deal hope rally and dropped back below $48 as JBC Energy reports OPEC compliance dropping to 92% in May from 96% in April.
Additionally, Bloomberg notes: OPEC-14 OUTPUT ROSE 370K B/D TO 32.5M B/D IN MAY: JBC ENERGY
“There continues to be considerable skepticism about the effectiveness of the production cuts,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.
“Oil prices are still trending towards weakness.”
WTI hit $47 and Brent dropped below $50.
Tonight brings inventory data from API.
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