Friday, October 27, 2023

Crude Oil Falls Amid Conflicting OPEC+ and Russia Messages and Stronger Dollar


Oil prices saw a decline in early trading on Friday due to a stronger dollar and mixed messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude fell by 30 cents to $75.96 a barrel, while US West Texas Intermediate was down by 14 cents at $71.69 a barrel. The 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. Despite this, both prices are still set to post a second week of gains of slightly less than 1%.

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