WTI up 1% after EIA report
Markets
34m ago(Source: baha news)
EPA-EFE/TANNEN MAURY
MARKETS
The prices of oil futures rose on Thursday after the Energy Information Administration (EIA) released its March
Oil Market Report, which forecasted a deficit in the global oil market throughout the year.
As per the report, oil production worldwide is estimated to decline by 870 kb/d in the first quarter of 2024 compared to the fourth quarter of 2023. This decrease is attributed to weather-related shutdowns and new restrictions implemented by OPEC+.
West Texas Intermediate (WTI) for deliveries in April 2024 jumped 1.03% at 5:14 am ET and went for $80.29 per barrel. A minute later, Brent for May 2024 settlements surged 0.86% to sell for $84.66 per barrel.