Oil prices snapped their down streak today after initially trading down earlier in the session after reports that Saudi Arabia and Russia met to discuss market stability. Both countries remain committed to OPEC+’s decision last October to cut production targets by two million barrels per day until the end of 2023, the reports stated. “That news woke up the bulls in the market, and it was kind of expected with the sell-off that we have seen over the past few sessions,” said John Kilduff, partner at Again Capital. Earlier in Thursday’s session both contracts had dropped by more than $1 a barrel to near 15-month lows. On Wednesday, U.S. crude fell below $70 a barrel for the first time since Dec. 20, 2021. Also helping prices was some weakening in the USD today. WTI traded up $.74 or 1.1% to close at $68.35. Brent traded up $1.37 or 1% to close at $74.70.<\/p>\n\n\n\n
Oil prices snapped their down streak today after initially trading down earlier in the session after reports that Saudi Arabia and Russia met to discuss market stability.<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n