Crude Oil Regains Ground But Still Slumps For The Week

(RTTNews) - Crude oil futures regained some ground after moving lower for three consecutive sessions but still moved to the downside for the week.

After falling by $0.94 or 2.4 percent over the past three days, crude for July delivery climbed $0.34 or 0.6 percent to $61.54 a barrel.

Despite the increase on the day, the price of crude oil fell by 1.5 percent for the week after moving higher for two straight weeks.

The weekly decline came amid concerns about the outlook for supply amid reports of another increase by OPEC+ output for July.

A report from Bloomberg said OPEC+ members are discussing making a third consecutive oil production surge in July.

Citing OPEC+ delegates, Bloomberg said an output increase of 411,000 barrels a day for July - triple the amount initially planned - is among options under discussion.

Bloomberg noted no final agreement has yet been reached, with a final decision is due to be made at the group's meeting gathering on June 1st.

Meanwhile, the rebound on the day came despite renewed trade concerns after President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st.