"West Texas Intermediate crude fell a fifth day, the longest run of declines this year, as the United Arab Emirates said global demand will stay “relatively weak.” OPEC is forecast to keep its supply target unchanged on May 31.
Futures slid as much as 1 percent in New York after capping a 2 percent weekly drop on May 24. Floor trading was closed yesterday because of the Memorial Day holiday. Current prices are “suitable and fair,” said Suhail Mohammed Al Mazrouei, the U.A.E.’s energy minister, according to the official WAM news agency. The U.A.E. is a member of the Organization of Petroleum Exporting Countries, which is expected to keep its output target at 30 million barrels a day when the group meets in Vienna, a Bloomberg News survey shows."
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