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Commodity News Details
WTI Crude Consolidates Around One Week Low, OPEC+ To Extend Production Cuts
03-Jun-2024 17:28
WTI Crude oil futures are consolidating around one week low today. Producer?s cartel OPEC+ agreed to extend most of the production cuts of 3.66 million barrels per day by a year until the end of 2025. Prices eased in last week, falling from a four week high and overall mood looks lax. Meanwhile, the number of US oil rigs fell by one according to a latest weekly update after staying the same in the week prior. WTI Crude oil is currently quoting at $77 per barrel amid these cues, almost unchanged on the day. Rising European equities are capping losses for the counter.

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