Reported 1 day ago
Oil prices stabilized on Thursday following a sharp decline the previous day, sparked by potential increases in Saudi oil output and a contraction in the U.S. economy. Brent crude settled at $61 per barrel, while U.S. West Texas Intermediate dropped to $58.09. Analysts indicate a pessimistic outlook for crude, with expectations of a possible fall to $55 per barrel amid growing supply and weak demand due to ongoing trade tensions. OPEC+ discussions may lead to further output hikes, impacting future oil price volatility.
Source: YAHOO