Oil rises on economic data, OPEC+ output cut

04/04/2023 Argaam
Oil tanks

Oil tanks

Oil prices rose today, April 4, buoyed by OPEC+ decision to cut crude production and after weak economic data in the United States and China.

 

Crude prices rose by more than 6% in the previous session, after OPEC+ surprised investors with the decision to cut oil production by an additional 1.66 million barrels per day until the end of this year.

 

The pace slowed today as investors focused on evaluating demand trends and the impact of rising oil prices on the global economy, especially after data showed a decline in the number of available job opportunities and factory orders in the US during the month of February.

 

Brent crude futures for June delivery rose by 1 cent to close at $84.94 a barrel.

 

WTI crude for May delivery rose 0.4% to $80.71 a barrel, the highest close since Jan. 26.

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