Brent Crude Inches Near $89 Per Barrel
Brent crude futures were trading around $89 per barrel on Thursday, bouncing off their daily lows of about $87 amid growing speculation that Organisation of Petroleum Exporting Countries (OPEC+) could intervene in markets by cutting again next week.
The oil cartel is mulling on whether or not to engage in production curbs to shore up prices, with Russia reportedly lobbying the group to slash output by about 1 million barrels a day.
OPEC and its allies agreed to modestly cut oil production by 100,000 barrels a day earlier this month, rolling back the increase they approved in August. RAED:NGX Inches Higher Amid Q1 Earnings Season
On top of that, escalating energy standoff between the European Union and Russia threatened to disrupt global supply further.
Still, persistent concerns over a demand-sapping global economic slowdown kept a lid on prices. Official data also showed that US crude inventories unexpectedly dropped last week, the first decline in a month.
WTI crude futures were trading around $83 per barrel, bouncing off their daily lows of about $80 amid growing speculation that OPEC+ could intervene in markets by cutting again next week.
The oil cartel is mulling on whether or not to engage in production curbs to shore up prices, with Russia reportedly lobbying the group to slash output by about 1 million barrels a day.
OPEC and its allies agreed to modestly cut oil production by 100,000 barrels a day earlier this month, rolling back the increase they approved in August.
On top of that, escalating energy standoff between the European Union and Russia threatened to disrupt global supply further. Still, persistent concerns over a demand-sapping global economic slowdown kept a lid on prices.
#Brent Crude Inches Near $89 Per Barrel#
