 |
Louisiana Light • 2 days | 86.60 | -0.08 | -0.09% | ||
|
Bonny Light • 21 hours | 88.69 | -0.04 | -0.05% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% | ||
|
Mars US • 168 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 5 hours | 2.710 | -0.003 | -0.13% |
|
Bonny Light • 21 hours | 88.69 | -0.04 | -0.05% | ||
|
Girassol • 21 hours | 89.20 | -0.10 | -0.11% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% |
|
Peace Sour • 13 hours | 75.30 | -0.05 | -0.07% | ||
|
Light Sour Blend • 13 hours | 78.35 | -0.05 | -0.06% | ||
|
Syncrude Sweet Premium • 13 hours | 85.30 | -0.05 | -0.06% | ||
|
Central Alberta • 13 hours | 75.70 | -0.05 | -0.07% |
|
Eagle Ford • 2 days | 79.21 | +0.04 | +0.05% | ||
|
Oklahoma Sweet • 2 days | 79.25 | +0.00 | +0.00% | ||
|
Kansas Common • 3 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 3 days | 86.86 | -2.40 | -2.69% |
Scientists Warn Gulf Stream Slowdown Could Begin as Early as 2025
Climate change is not just…
Profit Taking Is Putting Downward Pressure on Oil Prices
Oil prices fell this week…
Oil Ticks Up as Russia’s Novak Says No More OPEC+ Cuts Needed
Crude oil prices ticked higher on Thursday, stabilizing after Wednesday’s drop due to sentiments that the OPEC+ late March production cut announcement had already been priced in for the next month, when they go into force.
On Thursday at 1:41 p.m. EST, Brent crude was trading at $78.53, up 1.08% for a 84-cent gain on the day, but still well below the $80 resistance mark. West Texas Intermediate (WTI) was trading at $75.11 per barrel, up 1.09% for a 81-cent gain on the day.
On Wednesday, oil prices shed nearly 4% despite a surprisingly large drawdown in U.S. crude inventory stockpiles as fears of lagging economic data in the U.S. drove sentiment.
The slight upward swing follows a statement on Thursday by Russian Deputy Prime Minister Alexander Novak to the effect that the oil markets were balanced. Novak said given the state of the balance, more OPEC+ cuts would not likely be necessary.
Despite lower-than-expected Chinese demand, Novak said OPEC+ did not see the need to expand production cuts at this time.
Novak also confirmed that Russia had reached its targeted output cuts for the month of April of 500,000 barrels per day, or 5% of total output. Those cuts will remain in force until the end of this year.
The small uptick in prices reflects continued market jitters over the U.S. economy, with new data released on Thursday showing that U.S. GDP grew by 1.1% for the three months ending in March. That figure represents a slowdown from 2.6% growth in the fourth quarter of 2022 and 3.2% in the third-quarter of last year. It was a mixed bag, however, with consumer spending soaring for the three months ending in March, ABC News reports.
By Tom Kool for Oilprice.com
More Top Reads From Oilprice.com:
- The EU Just Made Emissions Even More Expensive
- Australia Plans To Extend Natural Gas Price Cap To 2025
- Wind-Powered North Sea Natural Gas Project Halted Over Emissions Uncertainty
Tom Kool
Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
If that the case, then there is no need for new OPEC+ cuts. Moreover, cuts are of no use when the global economy is being threatened by a powerful bearish factor like a global banking or financial crisis.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert