Oil Prices Stabilize Ahead of OPEC+ Supply Boost
Oil prices hold steady as traders weigh OPEC+ output increases, U.S. stockpile data
Oil prices hold steady as traders weigh OPEC+ output increases, U.S. stockpile data
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As of 2:30 p.m. GMT on Wednesday, Brent Crude—the international benchmark—fell by 5.25%, trading at $59.46 per barrel.
At the time of writing, Brent crude was trading at $70.60 per barrel, while West Texas Intermediate (WTI) stood at $67.26 per barrel.
“Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of U.S. sanctions on Russian oil pressured prices lower.”
Analysts attribute this increase to renewed fears of supply disruptions in the Middle East following the U.S. military intervention.
Andon Pavlov, an analyst at Kpler suggested that this surge in refined product shipments allows oil producers to bypass crude production limits