Oil Declines After OPEC+ Wagers Market Can Absorb Extra Barrels
Apr 05 2021, 9:00 AM
April 05 2021, 4:50 AM
April 05 2021, 9:00 AM
(Bloomberg) Oil eased after OPEC+ decided to boost output over the coming months and Saudi Arabia raised prices for shipments to customers in Asia.
(Bloomberg) Oil eased after OPEC+ decided to boost output over the coming months and Saudi Arabia raised prices for shipments to customers in Asia.
West Texas Intermediate dipped 0.6%, paring the 3.9% gain seen on Thursday, when the alliance agreed to loosen its supply curbs gradually. The grouping will raise production by more 1 million barrels a day in stages between May and July, and over the same period, Saudi Arabia will roll back its voluntary 1-million-barrel-a-day reduction. Markets were closed on Friday for a holiday.
Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer.
Oil prices slide on OPEC output call and surging India virus cases By Sharon Cho and Verity Ratcliffe on 4/5/2021
Saudi Aramco drilling crew
(Bloomberg) Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the worldâs third-biggest importer.
West Texas Intermediate and Brent both dropped as much as 2.4%, paring gains on Thursday, the last day of trading due to a holiday on Friday. OPEC+ opted last week to raise production by more than 2 million barrels a day between May and July.
Crude has rallied this year as vaccine rollouts help major economies reopen. The decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook for energy demand. The U.S. also added more than 900,000 jobs in March, the most in seven months.
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