Introduction

Oil prices experienced a growth in trading on Thursday, following a significant drop in yesterday’s session, reaching their lowest level since August 2023.

Price Increase

By 09:20 Moscow time, US oil contracts saw a 0.51% increase, reaching $84.65 per barrel. Similarly, Brent contracts rose by 0.59% to $86.32 per barrel.

Previous Session’s Performance

The Brent crude contract closed Wednesday with a 0.64% decrease, settling at $86.36 a barrel. The US crude contract also declined by 0.53%, reaching $84.67 a barrel, marking a 5% decrease.

Reason for the Decline

The recent drop in oil prices can be attributed to the release of US inventory data and the decision of OPEC+ to maintain its production cut strategy.

US Crude Inventories

However, the decline was somewhat limited due to the US crude inventories data, which revealed a decrease of 2.2 million barrels over the past week.

Source

Source: RT+Bloomberg