Oil prices dip after three-day rally

Later this week, the Organization of Petroleum Exporting Countries and allies in OPEC+ convene to discuss the output situation.

Photo: Jacob Ehrbahn

Oil prices dip Wednesday morning after a three-day rally in trading.

However, the dip is relatively moderate in light of the fact that oil output remains limited. This is due to the fact that major producers like Saudi Arabia has limited options for raising output, writes Reuters.

Moreover, nations like Libya and Ecuador also face output and export issues.

A barrel of European reference oil, Brent, drops 0.7% to USD 117.12 Wednesday morning. Thursday last week, a barrel of Brent cost USD 110.05. US counterpart, West Texas Intermediate, trades for USD 111.23 per barrel, a decline of 0.5%. Thursday last week, the price of WTI came to USD 104.27 per barrel.

Short supply buoys oil prices despite recession fears

Global recession concerns lower oil prices

IEA: Oil output will struggle to keep up with demand in 2023

More from EnergyWatch

Neighbors warn Norway about dangerous solo show

If Oslo ends up reducing its electricity exports, more than than just supply security is at stake. Doing so would risk setting a damaging precedent throughout Europe, say TSOs of other Nordic countries in a an unusually sharp joint plea.

Further reading

Related articles

Latest News

See all jobs