Oil prices traded slightly lower as investors largely stayed on the sidelines ahead of a highly anticipated OPEC+ meeting that could offer key signals about future supply levels

Oil prices extended losses during Asian trading and were headed for weekly declines due to renewed concerns over oversupply following a report that OPEC+ may be considering another production hike

Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 bpd between the end of last year and the end of 2025

The statistical division of the U.S. Department of Energy has adjusted its annual U.S. and global oil demand growth projections for both this year and the next

“At YPF, we’re on the path to becoming an unconventional company, which allows us to be resilient in the face of low crude prices,” said YPF CEO Horacio Marín

New U.S. tariffs and an unexpected production increase from OPEC+ could trigger what the Bank of America called a “negative commodity demand shock”

Oil futures fell nearly 2% as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices

The oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year, the CEO of Saudi Arabian oil giant Saudi Aramco said

Oil prices have plunged more than 5% after Israel’s weekend airstrikes on Iran targeted military objectives, avoiding oil and nuclear facilities

The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million barrels in an effort to control fuel prices