Economic news

Oil prices stay firm as rising production meets equal demand

Oil declined today due to gaining supply in the U.S. and the possibility that OPEC might soften production restrictions.

Brent stood at $75.73 per barrel, falling 15 cents from the last settlement. U.S. WTI dipped to $66.01 for a barrel, losing 35 cents.

OPEC and some other oil exporters as Russia began their production cuts in 2017 looking to end global oversupply, which made prices grow by about 60% during the past year. Experts believe that oil market prospects for the second 6 months of the year are unclear, and OPEC warns of downside risks to demand.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree