- Arab News reports that several Oil traders confirmed that part of the recent correction comes from the outlook of less demand linked to the US Federal Reserve (Fed) keeping rates steady for longer. A rate cut would give a boost to the economy and thus Oil demand.
- Goldman Sachs issued a report on Monday saying that they no longer expect OPEC to announce any partial unwinding of the voluntary production cuts at the June meeting.
- Bloomberg reports that Crude Oil Storages floating in tankers have fallen by 11% since last week. That would be the lowest level since February 2020 to only 55.92 million barrels as of May 10.
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