The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

1147 GMT - Oil prices rise, with Brent crude up 1% at $63.98 a barrel and WTI up 1.1% at $61.60 a barrel. U.S. oil inventory data showed a larger-than-expected draw of nearly 3 million barrels, which should support higher prices, Trade Nation's David Morrison says in a note. However, Brent remains on track for a small weekly decline overall and traders appear unwilling to expose themselves to rallies or selloffs, Morrison writes. This is understandable given analysts expect OPEC+ to announce another production increase for July this weekend, as they unwind existing output cuts, Morrison says. So far, each increase has been bigger than consensus expectations, which has weighed on prices so far this year, Morrison adds. (joseph.hoppe@wsj.com)

0757 GMT - Crude oil ekes out some gains on rising gasoline demand hopes, despite concerns of increased OPEC+ supply. Brent crude and WTI are both up 0.3% at $63.52 and $61.14 a barrel, respectively. A huge spike in gasoline demand and dip in stocks ahead of the U.S. driving season has buoyed oil, ANZ Research analysts say in a note. That said, OPEC+ is expected to announce production hikes for July over the weekend. The exact size of the cartel's hike will be declared at the meeting but is expected to be larger than currently scheduled, ANZ writes. Sentiment toward oil hasn't been helped by a broader selloff across markets after data showed the U.S. economy shrank at the start of the year, ANZ adds. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

May 30, 2025 07:47 ET (11:47 GMT)

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