Overview

• U.S. crude oil is down 4.8% in May, while Brent has fallen 7.2%.
• OPEC+ to review voluntary output cuts of 2.2 million barrels per day on Sunday.
• Higher U.S. gasoline inventories and weak demand contribute to market pressure.
• Federal Reserve signals no imminent rate cuts, adding to market uncertainty.
• Eurozone inflation data and U.S. borrowing costs impact oil demand expectations.