![]() West Texas Intermediate crude (WTI) fell 16 cents. Brent crude futures slipped 5 cents, or 0.1, to 78.31 a barrel by 0042 GMT. ![]() ThePrint holds no responsibilty for its content. (Reuters) Oil prices fell in early Asian trading on Thursday after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts. (Reporting by Laura Sanicola Editing by Sonali Paul)ĭisclaimer: This report is auto generated from the Reuters news service. crude oil inventories in the week to May 19, reported by the Energy Information Administration on Wednesday. ![]() Oil was also supported by an unexpected, massive fall in U.S. Some investors took that as a signal that the Organization of Petroleum Exporting Countries and allies including Russia, together called OPEC+, could consider further output cuts at a meeting on June 4. In the previous session, oil prices were supported by a warning from Saudi Arabia’s energy minister that short-sellers betting oil prices will fall should “watch out” for pain. Oil prices were also pressured by news that Britain’s stubbornly high inflation rate fell by less than expected last month, according to official data that raised the chances of more interest rate hikes. Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy reconvened Wednesday at the White House to try to close a deal.
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