Weak U.S. gasoline demand could bolster case for OPEC+ to extend supply cuts (USO)

Crude oil futures fell for the day and the week, ahead of this weekend’s OPEC+ meeting where the group is widely expected to keep production cuts in place after Q2.

“Softening fundamentals have narrowed the group’s decision to one main focus: how long to extend their voluntary production cuts of 2.2M bbl/day, not whether to extend them,” CIBC Private Wealth US senior energy trader Rebecca Babin writes, adding the market has largely priced in a three-month extension of the cuts and would “react negatively to anything less.”