WTI crude oil prices remained under pressure over concerns of slowing demand due to economic slowdown. However, a Saudi Arabian statement about OPEC nearing a consensus to extend supply cuts beyond June has provided support to falling oil prices.

At the time of writing, crude oil is trading at around $53.16 per barrel, however, oil futures are trading at around 20% lower than the 2019 peaks from April. Rising concerns about the health of the global economy and possible reduction in oil consumption have caused traders to sell out of oil futures, resulting in this decline in futures.

OPEC+ is set meet either later this month or in early July to decide whether to continue with their supply cuts that have been in effect since January 2019. If supply cuts continue, it could continue to keep crude oil prices supported even as demand weakens.