Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by ...
Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country's crude stocks.
Brent crude fell 13 cents, or 0.3per cent, at US$43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate crude dropped 18 cents, or 0.4per cent, to US$41.02 a barrel. They rose 2per cent the previous day, helped by the U.S. crude inventories drop.The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic.
"Some investors took profits after the OPEC+ decision, but a big draw in U.S. crude provided some support," Kazuhiko Saito, chief analyst at Fujitomi Co said. Still, oil prices are expected to remain static as an increase in crude processed by refineries is likely to offset higher supply volumes, Rystad Energy said in a note.
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