Important Week For Black Gold, Oil Prices Shaky - Kakiforex | Forex markets for the smart money. Important Week For Black Gold, Oil Prices Shaky Important Week For Black Gold, Oil Prices Shaky

March 31, 2021

Important Week For Black Gold, Oil Prices Shaky

 Black gold was slightly shaky following the latest report showing an increase in U.S. crude oil supplies last week.


The American Petroleum Institute (API) reported U.S. crude oil inventories jumped by 3.91 million barrels last week, higher than the previous week’s reading of 2.9 million barrels.


This caused the price of crude oil to decline slightly from the increase recorded in the previous session.



However, the decline in oil prices was limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its ally, OPEC+ would further extend their production cutting commitments.


Earlier, there were reports that Saudi Arabia would support a proposal to continue cutting crude oil production until May or June at an OPEC meeting scheduled to take place on Thursday.


In the Asian session, US WTI crude futures traded steady around $ 60.94 a barrel, while Brent crude was trading at $ 60.95 a barrel.