Brent crude oil futures showed little change on Friday. West Texas Intermediate (WTI) crude trading, however, faced disruption. A system outage at the CME Group temporarily halted trading for both Brent and WTI. These market events occurred as both benchmarks navigated their longest monthly losing streaks since 2023.
Trading Disruption Impacts WTI
Brent crude oil futures remained largely unchanged throughout Friday’s session. In contrast, trading for West Texas Intermediate crude encountered significant interruption. The CME Group reported a system outage. This technical issue temporarily halted trading activities for both Brent and WTI contracts. The disruption affected market participants awaiting further price movements.
Underlying Market Pressures
Both Brent and WTI were navigating extended periods of decline. They experienced their longest monthly losing streaks since 2023. Concerns over rising global supply primarily drove these downward trends. Analysts observed a growing imbalance between supply and demand. This situation put sustained pressure on crude oil prices.
Geopolitical Risks Remain Elevated
Geopolitical risks remained a significant factor. Drawn-out Russia-Ukraine peace talks kept these risks elevated. This uncertainty contributed to market volatility.
OPEC+ Meeting Awaited
Traders also closely monitored upcoming events. Market participants specifically awaited the outcome of an OPEC+ meeting. The crucial meeting will convene on Sunday. Its decisions could influence future global supply levels.
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