2023-05-26 17:06:05
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Oil prices rose today, Friday, as the market weighs conflicting messages regarding supplies from Russia and Saudi Arabia ahead of the upcoming OPEC + policy meeting.
Brent crude rose 77 cents, or 1%, to $77.03 a barrel, while US West Texas Intermediate crude rose 96 cents, or 1.3%, to $72.79 a barrel.
A deal to raise the US debt ceiling, which is on the horizon, is likely to boost oil prices.
Russian President Vladimir Putin said, on Wednesday, “Energy prices are approaching economically justified levels,” noting also that “there can be no immediate change in OPEC + production policy.”
The Russian statements contradicted statements this week by Saudi Energy Minister Prince Abdulaziz bin Salman, when he called on short sellers to be “cautious.” Some investors interpreted this as a sign that “OPEC + may consider further production cuts.”
Concerns regarding weaker-than-expected demand growth globally capped gains, ahead of an expected rise in oil demand in the second half of the year, particularly from China. (Archyde.com)
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