2023-04-18 10:06:18
Oil prices are stable in early trading, following declining by 2% in the previous session, as Brent crude settled at $84.76 a barrel.
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Brent crude settles at $84.76 a barrel
Oil prices stabilized in early trading today, Tuesday, following falling 2% in the previous session, as Brent crude settled at $84.76 a barrel, while US West Texas Intermediate crude rose 5 cents to $80.88 a barrel.
Prices fell on Monday, with the dollar rising amid expectations that the Federal Reserve may raise interest rates in May, which would undermine hopes for an economic recovery.
The International Energy Agency expected that the increase in demand coming from China would constitute the largest part of the total demand growth for the year 2023.
But she warned that the cuts announced by OPEC + producers might exacerbate the expected oil supply deficit in the second half of the year, and might harm consumers and the global economic recovery.
Also read: “Foreign Policy”: Reducing oil production reveals Saudi Arabia’s geopolitical ambitions
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