Oil prices held steady as weak US economic data counterbalance the reduced supply
Commercial crude inventories in the US fell another 3.5 million barrels last week but the development was overshadowed by the disappointing job opening and manufacturing data in the US.
The global oil market remained consistent on Wednesday, 5 April 2023 despite the larger-than-expected drops in the US commercial crude inventories and the surprising production cuts by OPEC+.
Brent crude rose 5 cents or 0.1% to close at $84.99/barrel while West Texas Intermediate crude nestled at 10 cents or 0.1% lower at $80.61/barrel.
Commercial crude inventories in the US fell another 3.5 million barrels last week but the development was overshadowed by the disappointing job opening and manufacturing data in the US.