Oil futures head for a monthly loss in April after giving back gains scored after a surprise round of production cuts by Saudi Arabia and its OPEC+ allies.
Oil futures were on track Friday to end April with a loss, with worries over the economic outlook and its implications for demand having sapped the rally that kicked off the month after Saudi Arabia and its OPEC+ allies announced a surprise round of production cuts.
Price actionPrice action Crude futures this week filled the gap left on the daily price chart early this month after Saudi Arabia and its OPEC+ allies announced 1.15 million barrels in additional production cuts beginning in May running through...
Price action Price action Crude futures this week filled the gap left on the daily price chart early this month after Saudi Arabia and its OPEC+ allies announced 1.15 million barrels in additional production cuts beginning in May running through year-end, with Russia pledging to extend a 500,000 barrel-a-day cut through the rest of 2023.
While 1.15 million barrels-a-day in cuts are set to kick in next week, it’s “ unlikely to push prices up again immediately,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note. “After all, the high Russian oil export figures are raising doubts about whether Russia has really reduced its production so far by as much as it had announced. And for another thing, considerable concerns about demand are likely to remain given that sentiment indicators in neither the U.S. nor China will probably be able to dispel them,” she wrote.
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