U.S. Crude Stocks Drop Third Week as Saudi Cuts June Arab Light OSP
BNO•U.S. crude inventories fell for a third straight week, supporting Brent futures around key support levels. Saudi Arabia set its June Arab Light selling price to Asia at $15.50 per barrel above the Oman/Dubai average, down from May, potentially boosting regional supply.
1. Inventory Decline
EIA data show U.S. crude oil stocks fell for a third consecutive week, highlighting persistent drawdowns as demand remains robust ahead of the summer driving season.
2. Ceasefire Supports Prices
The fragile Middle East ceasefire held, alleviating geopolitical risk and keeping Brent futures near critical moving average support levels.
3. Saudi Arabia Cuts June OSP
Saudi Aramco set its June Arab Light official selling price to Asia at $15.50 above the Oman/Dubai average, down from May’s level, which may increase competitive supply to Asian markets.
