Oil creeps back up after three days of losses
Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.