Crude oil prices are trading at three-month lows after weaker-than-expected US jobs data, although European wholesale gas prices ended the week higher on demand for heating, following the cold weather system across most of Europe. European wholesale gas prices settled at around €31 per megawatt on Friday, up over the past week. Higher rates typically weigh on the economy and can reduce oil demand. Further ahead, the next meeting of Opec+ oil producers — members of the Organisation of the Petroleum Exporting Countries and allies including Russia — is set for June 1. Three sources from the Opec+ group said it could extend its voluntary oil output cuts beyond June, if oil demand does not increase.

Source: Irish Examiner May 03, 2024 20:55 UTC