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Tech Geek | 4 months ago (raw) | export | reply | flag +2 
 Oil near 4-mth low after OPEC+ supply plan, US stock build


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Oil prices hovered near four-month lows in Asia on Wednesday as markets digested an OPEC+ decision to boost supply later this year and following an increase in U.S. crude and refined products stocks.

Brent crude futures were up 1 cent at $77.53 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures were down 2 cents at $73.23 a barrel.

Both contracts fell nearly a dollar on Tuesday to their lowest settlement levels since early February, and had declined around $3 a barrel on Monday.
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13026870 | 4 months ago (raw) | root | parent | reply | flag 
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Crypto Frontier | 4 months ago (raw) | root | parent | reply | flag 
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LONDON, June 5 (Reuters) - Oil prices hovered near four-month lows on Wednesday on an expected supply boost later in the year when OPEC+ begins to unwind some output cuts, with markets also digesting U.S. jobs data and higher oil stocks.
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melina dest | 4 months ago (raw) | root | parent | reply | flag 
 However, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, has stated that OPEC+ would pause the unwinding of the cuts or reverse them if demand is not strong enough to absorb the additional barrels . The intention has always been to gradually increase supply and avoid a supply surge that could negatively impact the market