Crude Oil Extends Weakness Today,WTI New York Crude Last at $58
After continued selling through the overnight and European-Asian sessions, front-month WTI crude last traded at $58 per barrel. Intraday moves narrowed, but the tone remained weak. Demand concerns intensified as high-frequency manufacturing and services data softened across multiple economies. Entering the seasonal shoulder period in North America and Europe, gasoline and diesel crack spreads have retreated, compressing refinery margins and dampening crude buying appetite.
On the supply side, while OPEC+ production cuts remain broadly well observed, exports from some members have edged higher, and non-OPEC supply shows resilience. U.S. commercial crude and refined product inventories remain elevated, and a stronger dollar is weighing on dollar-denominated commodities. Along the curve, time spreads widened, with deeper spot discounts (contango) signaling a relatively loose physical market.
Institutional views are mixed. Bears argue that if global growth expectations continue to be revised down, oil may bottom in the $55–$60 range. Neutral stances focus on OPEC+ policy signals and geopolitical risk around upcoming meetings; any supply disruption or accelerated inventory draws could trigger a technical rebound.
Key things to watch
- OPEC+ production plans and compliance data
- U.S. EIA weekly inventories and shale rig counts
- Global PMIs and high-frequency demand indicators such as road traffic and flight activity
- Dollar and real-yield trends, and geopolitical developments
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