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Oil trickles down 1% as OPEC offers an explanation on recent production cutsGlobal benchmarks for crude oil fell a dollar a barrel on Thursday, 13 April 2023 as traders cash out profit following several days of continuous increases. |
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Global benchmarks for crude oil fell a dollar a barrel on Thursday, 13 April 2023 as traders cash out profit following several days of continuous increases. In addition, OPEC also explained the recent production cuts in its monthly report.
Brent crude fell $1.24 or 1.4% to close at $86.09/barrel. The US West Texas Intermediate dropped $1.10 or 1.3% to close at $82.16/barrel.
In a monthly report, OPEC shed some light on the reasoning for the recent production cuts citing rising inventories and the different challenges to the global economy, ranging from inflation rates to financial market status and debt levels.
