May 24, 2024 [Barron’s]- Oil prices tick up, though the market stays in wait-and-see mode ahead of the OPEC+ meeting on June 1.

Brent crude and WTI are both up 0.7%, at $82.48 a barrel and $78.15 a barrel respectively.

OPEC+ is likely to extend its 2.2 million barrel a day production cut for the rest of 2024, MUFG analysts say in a note. This lower-for-longer production and oil-demand growth tracking above historical averages points to strengthening prices in the second half of the year, analysts say.

MUFG says this supports its call for Brent to average $88 a barrel and $93 a barrel in the third and fourth quarters respectively.

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