2024-06-05T17:42:00+03:00 Economy 2024-09-15T04:21:34+03:00

Ukrainian news

On Tuesday, oil prices continued to fall

On Tuesday, oil prices continued to fall

Oil prices continued to fall on Tuesday, June 4, as traders were concerned about weak U.S. economic data and news that OPEC+ members are ready to increase output.

This was reported by the Financial Times.

Brent crude, the international energy benchmark, fell 1.4% to USD 77.29 per barrel on Tuesday. On Wednesday morning, Brent crude was trading at USD 77.5 per barrel. The price of WTI oil traded in the US is USD 73.21 per barrel.

Over the weekend, members of the oil cartel agreed to supply more oil to the market as eight countries agreed to ease "voluntary cuts". At the same time, industrial activity in the U.S. in May turned out to be weaker than economists had expected in May.

Bjarne Schieldrop, SEB's chief commodities analyst, noted that OPEC+ is not ready to cede its market share to competitors. At the same time, he added that the cartel is unlikely to flood the market with crude oil, according to the Financial Times.

Last week, the price of the Brent brand fell by almost 8%. U.S. producers are ramping up production while demand for oil remains weak. The Federal Reserve has yet to ease monetary policy, further slowing economic growth.

As the Ukrainian News agency earlier reported, Ukrnafta is looking for investors to resume production at 30 liquidated wells.