Oil prices reverse lower, with US crude slumping 7% this week
Economies.com
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected US inventory buildup this week.
Baker Hughes data also showed the US oil rig count fell by 7 in the week ending May 3 to 499 rigs, the biggest such decline since November 2023.
Otherwise, tensions in the Middle East eased as Hamas Israel carry on ceasefire talks, while traders await OPEC's upcoming meeting in June.
On trading, Brent July futures fell 0.85% today, or 71 cents to $82.96 a barrel, the lowest since March 13, marking a weekly loss of 5.95%.
US crude futures due in June fell by over 1%, or 84 cents to $78.11 a barrel, marking a weekly loss of 6.9%.
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