Oil broadly steady amid OPEC+ supply cut uncertainty, demand worries – Reuters
- Date: 26-May-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil broadly steady amid OPEC+ supply cut uncertainty, demand worries – Reuters
May 26 (Reuters) - Oil prices were broadly stable on Friday, as the market weighed in on conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth.
Brent crude was up 6 cents to $76.32 a barrel at 0627 GMT, while U.S. West Texas Intermediate rose 18 cents to $72.01 a barrel.
Benchmarks settled more than $2 per barrel lower on Thursday, after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting in Vienna on June 4.