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## Oil Stability Amidst Uncertain Times

(Bloomberg) — Oil prices stabilized after experiencing their largest weekly loss in four weeks. The market’s attention is now focused on an upcoming OPEC+ supply meeting scheduled for Sunday and the anticipated increase in US demand as the summer driving season begins.

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Brent futures managed to hold above $82 a barrel following a 2.2% decline last week, reaching their lowest point since early February. Meanwhile, West Texas Intermediate hovered around $78. The Organization of the Petroleum Exporting Countries and its allies are set to convene online for their policy meeting, widely expected to decide on extending production cuts into the latter half of 2024.

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“Given the prevailing market sentiment that OPEC+ will likely opt for an extension of cuts, the risks for oil prices appear to be skewed to the upside,” remarked Gao Jian, an analyst at Shandong-based Qisheng Futures Co.

With markets closed on Monday in observance of holidays in both the UK and the US, the Memorial Day weekend marks the beginning of the summer driving season. The American Automobile Association forecasts that this weekend may see the highest number of travelers in nearly two decades.

Despite a 7% increase in Brent prices so far this year, geopolitical tensions and OPEC+’s continued output cuts of 2 million barrels per day have provided support. Nonetheless, oil futures have experienced a decline since mid-April as concerns over potential disruptions in oil supply due to conflicts in the Middle East have subsided.

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