Oil market edged higher on supply concerns
International benchmarks for crude oil inched slightly higher on Monday, 13 February 2023 as investors assess the impact of Russia’s plans to reduce production outputs
International benchmarks for crude oil inched slightly higher on Monday, 13 February 2023 as investors assess the impact of Russia’s plans to reduce production outputs on the overall supply. The gains, however, were capped by concerns over the interest rates outlook that could anchor economic growth and reduce oil demand.
Brent futures for April delivery added 22 cents or 0.3% to close at $86.61/barrel.
WTI rose 42 cents or 0.5% to settle the trading day at $80.14/barrel.