Russian Foreign Minister Sergei Lavrov said on Wednesday that OPEC+ oil producers would try to ensure there are no sharp oil price swings and that the current price more or less reflected the balance between producers and consumers.
Oil ends higher in choppy session as traders weigh crude inventory rise versus product draw MarketWatch 3/10/2021
FUTURES MOVERS
Oil futures finished a choppy trading session in positive territory Wednesday, after seesawing between gains and losses following data that showed a large rise in U.S. crude inventories and a large drop in stocks of petroleum products.
Remarks by Russia’s deputy prime minister, Alexander Novak, highlighting worries about producers outside of OPEC+ raising output and stealing market share also contributed to a temporary turn lower, analysts said.
West Texas Intermediate crude for April delivery rose 43 cents, or 0.7%, to close at $64.44 a barrel on the New York Mercantile Exchange. May Brent crude the global benchmark, gained 38 cents, or 0.6%, to finish at $67.90 a barrel on ICE Futures Europe.
Russian Deputy Prime Minister Alexander Novak said on Wednesday there was a risk of non-OPEC+ oil producers increasing output due to higher oil prices and that oil market demand was gradually being restored.
Saudi Arabia's foreign minister on Wednesday said the kingdom would take deterrent action to protect its oil facilities, following attacks by Yemen's Iran-aligned Houthi movement on energy sites.