Crude oil and refined product futures were down across the board in late Friday morning trading on reports that OPEC+ members had moved up by two days a meeting to discuss increasing output in June. Friday's price moves, along with declines seen earlier in the week, leave prices on track to finish the week lower.

The NYMEX June West Texas Intermediate contract was off by 87cts to $58.37/bbl at about 11 a.m. ET. The July WTI contract was 82cts lower at $57.86/bbl. The July Brent contract was down by 73cts to $61.40/bbl and August Brent was also 73cts lower at $60.99/bbl.

WTI is on track to finish the week about $4.60 below where it settled on April 25 and Brent is down about $4.35 week to week.

Gasoline futures were leading refined products lower, with NYMEX June RBOB contract off by 2.8cts to $2.0212/gal. The July contract was 2.42cts lower at $1.9974/gal.

RBOB is on track to end the week about 8.7cts lower.

The NYMEX June ULSD contract was down by 1.79cts to $1.9941/gal and the July contract was off by 1.76cts to $1.98/gal, leaving the prompt-month contract about 11.8cts lower week to week.

Oil prices were hit this week by concerns that OPEC and allied producers may increase output as demand declines amid growing worries over the global economy. On Wednesday, petroleum futures fell on a report that suggested Saudi Arabia was prepared to deal with a low-price oil environment, reducing hopes that weak prices would convince the OPEC+ members to back away from plans to increase production.

Prices came under pressure Friday after several news outlets reported that eight members of the OPEC+ group advanced to Saturday from Monday a meeting to discuss June output.

The weakness in petroleum futures was sending cash gasoline and diesel prices lower in most U.S. markets. Spot gasoline prices in most East of the Rockies markets were down by about 3cts/gal, while diesel prices were about 2cts/gal lower.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

May 02, 2025 12:02 ET (16:02 GMT)

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