Today, Wednesday, oil prices witnessed a new decline; The rise in US crude inventories reinforced concerns about weak demand.

Brent crude fell for the third time in a row, reaching around $82 a barrel, while West Texas Intermediate crude fell near $78.

The American Petroleum Institute report showed that crude oil inventories rose by 2.5 million barrels last week, the first rise in inventories this month.

Although oil futures have risen this year due to OPEC+ production cuts, some market indicators are beginning to indicate potential weakness.

The price spread between the two nearest-term contracts for Brent crude is close to entering a “contango,” a bearish pattern that indicates an excess supply.

“The market fundamentals are weak,” said Gao Jian, an analyst at Qixing Futures Company in Shandong, noting that traders will focus on the upcoming OPEC+ meeting, “which will determine the course” of the market in the second half of this year.

Oil producers are scheduled to meet in early June and are expected to extend the current production cuts, as expected by most market observers surveyed by Bloomberg.