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Oil Prices Rebound in Trading Today After Hitting Lowest Level Since August 2023: RT+Bloomberg

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Oil Prices Rebound after Sharp Decline

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

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