Edward Moya said, “Crude prices turned negative as bullish bets became overcrowded and as optimism remains that OPEC+ will work this out and not allow the market get too tight,”. the Organization of the Petroleum Exporting Countries and Russia did not to agree on increasing production quotas while during last spring they slashed production quotas.

At the other site, administration of Joe Biden is asking oil cartel to put more oil so U.S. gasoline prices will not rise even more than they already have on Biden’s watch. Oil demand in industrialized countries could increase to 2.7 million barrels per day this year, predicts OPEC. 

Performance of 5 years for Brent Oil Futures (Source: Investing.com)