Oil prices steady on US crude stock rises lesser than expected; Brent at $86/bbl
Oil prices were broadly stable on Wednesday, March 27, after US crude stockpile rose lesser than expected and also dragged by indications that the Organization of Petroleum Exporting Countries (OPEC) is unlikely to change its output policy at its technical meeting next week. Crude prices have retreated since hitting last week to their highest levels since October and remain about three per cent above the average closing price in the first week of March.
Brent crude futures for May were down 23 cents, or 0.3 per cent, to $86.02 per barrel while the more actively traded June contract was down 21 cents, or 0.3 per cent, at $85.42. The May contract expires on Thursday. US West Texas Intermediate (WTI) crude futures for May delivery fell 13 cents, or 0.2 per cent, to $81.49. Both benchmarks had fallen by more than $1 in earlier trading.
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Published: 27 Mar 2024, 10:31 PM IST
