May 22, 2024
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OIL & GAS

Oil Prices Rebound After OPEC+ Maintains Output Cuts

Oil prices edged up on Thursday, recovering from previous losses after an OPEC+ panel decided to maintain oil output cuts, aiming to keep supply tight. Brent crude oil futures rose by 63 cents to reach $86.44 a barrel, while U.S.

West Texas Intermediate crude (WTI) increased by 49 cents, reaching $84.71. The OPEC+ ministerial panel made no changes to the group’s oil output policy, Reuters reported.

Saudi Arabia committed to a voluntary cut of 1 million barrels per day until the end of 2023, and Russia would continue with a 300,000 bpd voluntary export curb until December.

Market analysts note a continued deficit in the market, indicating the reduced likelihood of OPEC easing supply constraints. However, concerns persist over a shrinking eurozone economy and declining U.S. gasoline demand, contributing to a cautious market outlook.

 

 

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