U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories

While economic hopes are fading, the current outlook all but ensures OPEC+ will not roll back its production cuts at the next meeting on June 1, said analyst Tamas Varga said.U.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand.Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.

"On the economic front hopes are fading," wrote Tamas Varga, analyst at oil broker PVM, in a Thursday note. The Federal Reserve held interest rates steady on Wednesday, citing a "lack of further progress" in bringing inflation down to its 2% target.

The current outlook all but ensures OPEC+ will not roll back its production cuts at the next meeting on June 1, Varga said. "For this reason and unless the Fed pulls out the 'rate increase' rabbit of its hat further and significant downside potential appears confined," he said.Morgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks

Source: Loan Digest (loandigest.net)

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