Oil prices stable on Wednesday after four-day losing streak
Oil prices were steady on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts in tightening supply against a worsening demand outlook in China.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
The Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) agreed on voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024 late last week.
About the data, US crude oil inventories increased by 594,000 barrels for the week ending December 1 from the previous reading of 817,000 decline, according to the American Petroleum Institute (API). The market consensus expected a 2.267M barrel draw.
Looking ahead, oil traders will monitor the US ADP Employment Change for November and EIA Crude Oil Stocks Change, due later on Wednesday. The highlight of the week will be the US Nonfarm Payrolls (NFP) data on Friday. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around the WTI prices. $Crude Oil Futures(SEP4)(CLmain.US$ $SPDR S&P 500 ETF(SPY.US$ $S&P 500 Index(.SPX.US$ $Occidental Petroleum(OXY.US$ $Exxon Mobil(XOM.US$
Looking ahead, oil traders will monitor the US ADP Employment Change for November and EIA Crude Oil Stocks Change, due later on Wednesday. The highlight of the week will be the US Nonfarm Payrolls (NFP) data on Friday. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around the WTI prices. $Crude Oil Futures(SEP4)(CLmain.US$ $SPDR S&P 500 ETF(SPY.US$ $S&P 500 Index(.SPX.US$ $Occidental Petroleum(OXY.US$ $Exxon Mobil(XOM.US$
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