Oil closes lower, Brent holds above $83

Oil drilling rigs

Oil closed lower today, May 29, amid fears of weak demand for gasoline in the US and ahead of the OPEC+ meeting scheduled for June 2, with expectations that the group will maintain the voluntary production reductions.

Brent crude futures for August delivery (the most active) fell 0.6%, or 51 cents, to close at $83.43 per barrel, after touching $84.72.

WTI crude for July delivery fell 0.75%, or 60 cents, to record $79.23 per barrel, after rising to $80.62.

Analysts at the energy consulting firm Ritterbusch said: “Demand for gasoline remains weak, keeping supplies near normal levels, with seasonal upward pressures easing,” Reuters reported.

The American Petroleum Institute's report on oil inventories is expected to be issued later today, and the US Energy Information Administration is scheduled to issue official data on inventories on May 30, amid expectations that crude inventories will fall by 1.6 million barrels.