<p><center><img src=https://media-news.umarkets.com/admin/img/5d546156-3a02-45af-b170-b97707d596d4></center></p>
<p><span style="font-weight: 400;">Oil prices fell on Friday after U.S. inventory data reported weak fuel demand, while the U.S.-China tensions continued to weigh on the markets.</span></p>
<p><span style="font-weight: 400;">Brent crude slid 0.7%, or 25 cents, at $35.04 per barrel. U.S. West Texas Intermediate crude dropped 1.6%, or 53 cents, at $33.18 per barrel. Both benchmarks are nearing their fifth-week gains.</span></p>
<p><span style="font-weight: 400;">The U.S. Energy Information Administration s data showed that crude oil and distillate stocks gained sharply last week. Fuel demand remained weak despite easing restrictions in many U.S. states. </span></p>
<p><span style="font-weight: 400;">Investors will be closely watching OPEC and its allies including Russia as the organization meets in June to assess the need for additional output cuts.</span></p>
<p><span style="font-weight: 400;">Some OPEC members including de facto leader Saudi Arabia are considering extending the 9.7-million-bpd supply cut beyond June. Russia s input on the matter is yet to be heard.</span></p>
<p><span style="font-weight: 400;">OCBC economist Howie Lee said that the market s bullish momentum looks strong beyond the short term.</span></p>
<p>https://dowmarkets.com/en/news/oil-prices-slip-on-weak-us-fuel-demand</p>
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