West Texas Intermediate (WTI) Oil prices inch higher ahead of the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+) meeting scheduled for June 2, where group producers will discuss extending voluntary output cuts of 2.2 million barrels per day into the second half of 2024.
WTI Oil price appreciates ahead of OPEC+ meeting, where the group will discuss extending voluntary output cuts. An Israeli strike in the Gazan city of Rafah killed 45 people, sustaining geopolitical risks that favor higher crude Oil prices. Fed officials suggested maintaining higher rates that are negatively impacting the US economic outlook and reducing Oil demand.
Traders are likely to await the Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures Price Index data, which is due on Friday, to assess future US monetary policy. Last week, Fed officials tempered expectations for rate cuts, cautioning that the central bank still needs more evidence that inflation will eventually decline to its 2% annual target. Prolonged elevated interest rates are negatively impacting the US economic outlook and reducing Oil demand.
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