Oil prices were steady on Thursday as investors digested a report that OPEC+ is discussing increasing output for July, fueling concerns that global supply could outpace demand growth.
Brent crude futures fell 47 cents, or 0.72%, to settle at $64.44 a barrel. U.S. West Texas Intermediate crude was down 37 cents, or 0.6%, at $61.20.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported.
A 411,000-barrel-per-day increase for July is among the options being discussed, although no final agreement has been reached, the report said, citing delegates.
"OPEC+ speculation is the biggest factor right now," said John Kilduff, a partner at Again Capital in New York.
"This OPEC+ decision will be very tough, and it doesn't help that Kazakhstan didn't deliver last month," he added.
Kazakhstan's oil output rose by 2% in May, an industry source said on Tuesday. (alg)
Source: Reuters
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...