Zakros Arabia – Erbil
Oil prices rose in early trading, today, Thursday (October 5, 2023), to compensate for part of the large losses incurred in the previous session, after the Joint Ministerial Monitoring Committee in OPEC+ maintained oil production cuts, which means a continued shortage of supplies amid concerns. Of an imminent decline in global economic growth.
Brent crude futures rose 11 cents to $85.92, while US West Texas Intermediate crude rose seven cents to $84.29 by 0040 GMT.
Oil prices fell by more than five dollars at settlement yesterday, Wednesday, amid focus on a gloomier macroeconomic outlook and a decline in demand for fuel, following the meeting of the OPEC+ coalition committee, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies led by Russia.
The committee did not approve any changes to the coalition’s oil production policy, and Saudi Arabia said it would continue a voluntary reduction of one million barrels per day until the end of 2023, while Russia would maintain a voluntary reduction in exports of 300,000 barrels per day until the end of December.
“We still expect the market to experience shortages in the fourth quarter, and lower prices reduce the likelihood of OPEC easing supply restrictions,” National Australia Bank analysts said in a note.
2023-10-05 11:52:56
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