Oil trading higher after plunging the most in more than a year in New York trading. West Texas Intermediate slumped 5.6% to settle below $85 a barrel.

Oil prices fall as OPEC+ maintains production cuts

05:04pm, Wednesday, 04'th Oct 2023
OPEC+ is holding steady on its strategy to reduce oil production. In turn, crude oil prices have fallen below $90, their lowest level in over a month.
Oil prices fell 6% on Wednesday as worries grow about lower demand and a slowing economy. Reports surfaced that Russia might end its ban on diesel exports, and oil inventories rose in some areas.
Oil futures fell sharply on Wednesday, with U.S. prices settling at their lowest since the end of August. “The current state of the oil market is that global economic pain is coming courtesy of surg
The EIA report showed that gasoline inventories increased by 6.5 million barrels from the previous week.
Crude oil markets have fallen during the trading session on Wednesday to kick off the day, but at this point there remains to be seen whether or not it has any follow-through.
Amid rising interest rates, the latest Crude Oil News reflects a cautious market outlook as OPEC+ ministers gear up to discuss production policies.

Oil rises on tightening crude supply

08:44pm, Tuesday, 03'rd Oct 2023
Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers.
Saudi Arabia's decision a month ago to extend its crude-production cut to the end of the year hasn't yet lifted oil prices past the psychologically important $100-a-barrel level, but it did contribute
While the world's third-largest consumer of crude oil won't panic, the effect could be "recessionary" for many emerging economies, according to Hardeep Singh Puri.
Oil futures finished higher on Tuesday, recouping a small portion of the price losses seen after three consecutive session declines. The path of least resistance is still higher for oil right now “a
Oil bulls remain cautious as Treasury yields are moving higher.
Crude oil markets have initially fallen during the trading session on Tuesday but have turned around to show signs of stability again.
Oil futures were flat to slightly higher in early trade Tuesday, steadying after a three-session pullback that took crude to roughly three-week lows.
Amidst a climbing U.S. dollar and bond yields, the oil market faces demand pressures, raising questions on OPEC's next production moves.
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